Gerald Simonds Healthcare, an industry and nationwide renowned supplier of lightweight manual and powered wheelchairs, has been put up for sale after the company went into administration on July 6.
Mark Holborow and Matthew Wild from RSM Restructuring Advisory LLP have therefore been appointed joint administrators of the firm.
22 staff have been made redundant, while four people have been retained in the short-term to assist the administrators while a buyer is sought for the business and assets of Gerald Simonds.
As part of the sale process the administrators are seeking a buyer who will be able to fulfil outstanding orders to minimise disruption to customers.
Mark Holborow, restructuring advisory director at RSM, commented: “We don’t anticipate customers being left out of pocket as we understand all deposits are held in a segregated trust account, so should be available to be returned to customers in the event of orders being cancelled.”
While Bob Darke, GSH chairman, said: “I am very sad to note that despite the best efforts of Directors and Colleagues and all the progress that had been made in restructuring and range development, the continuing impact of Coronavirus on our business has proved irreparable. I would like to thank all the loyal staff, customers and suppliers who have supported the business both in recent challenging times and over the long term.”
Adding: “Having explored all possible avenues to rescue the business we are disappointed that we have had to bow to the inevitable and file for insolvency. We will continue to work with the administrators to support our customers and to help achieve a sale of the business and assets in the interest of the creditors.’
Holborow went on to reflect on the difficulties COVID-19 has had on an established company.
He said: “It is always sad to see an established company enter into administration, but the directors were left with little choice given the impact of Covid-19 on recent trading and the resulting cashflow difficulties they faced.”
“Regrettably, we have had to make a number of staff redundant and we will be assisting them with their claims to the Redundancy Payments Service. We are seeking a buyer for the business and assets and would invite interested parties to get in contact. We anticipate strong interest in the company’s travel chair business as well as the brand name and open order book. All queries should be directed to firstname.lastname@example.org.”