Following a downturn in both retail and account sales putting pressure on cash flow, Kent Wool Growers Limited (“KWG”) the farmer-owned co-operative founded in 1920, has been placed into administration.
Steve Absolom and Will Wright from KPMG have been appointed as joint administrators.
KWG, which employs 48 staff, offers a wide range of farming services, in addition to owning three retail outlets in Ashford and Eastry in Kent and Handcross, West Sussex. The stores sell farming products ranging from clothing and footwear, to equine supplies, feed, medicines, shotguns and shooting accessories, as well as a fuel brokerage service.
In addition, KWG is an ‘A’ merchant for the British Wool Marketing Board and handles and grades all wool in Kent and East and West Sussex.
Following their appointment, the joint administrators continue to trade the business and assets of KWG, with a view to securing a purchaser for all or parts of the business as a going concern.
Steve Absolom, director and joint administrator at KPMG, commented: “We have received a number of expressions of interest in the business and assets, and so our efforts are focussed on achieving a going concern sale which will secure as many jobs as possible. The stores remain open and KWG continues to support the farming community as best it can in these circumstances.”
Notes to Editors:
A dedicated webpage for stakeholders, such as landlords, employees and creditors, will be available at www.kpmg.com/uk/kwg. Queries should be directed via email to the following mailbox: email@example.com
For media queries only, please contact:
Katy Broomhead, Senior PR Manager, KPMG
T: 0161 246 4623
M: 07824 537963
KPMG Press office
Tel: +44 (0) 20 7694 8773
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.