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Pinetum reassures stockists over orders placed before administration
22nd October 2009 | cabinet | The owners of pine and oak furniture manufacturer Pinetum have moved quickly to quash retailer fears over orders placed before the company went into administration on 1st October.
Dean and Richard Robbins, who have completed a management buy out, have assured stockists that all pre-October orders will be fulfilled and that their sales contact remains the same as before.
The MBO also secured the future of all 107 of the firm's employees. The firm encountered problems following a number of bad debts and its historically high cost base. It also said there had been a delay in securing new finance facilities.
It says it was left with no other option than to put the company into administration. The assets of Pinetum Manufacturing Ltd have subsequently been bought back off administrator Tenon Recovery by Pinetum Ltd, and will essentially carry on as before.
The firm plans to introduce two new ranges at the January Interiors show in Birmingham including Pantone (pictured).
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