Insolvency specialists at Leonard Curtis Business Solutions Group have been appointed administrators to Abbeycrest Plc and one of its subsidiary companies, Brown & Newirth Limited.
Abbeycrest was originally headquartered in Leeds but was relocated to Hatfield to join its subsidiary Brown & Newirth, a wedding and commitment band specialist, to reduce costs. Like many British manufacturers, the group fell victim to rising commodity prices and a shrinking order book, which put extreme pressure on margins.
Directors John Titley and Andrew Poxon of Leonard Curtis Business Solutions Group were appointed joint administrators on 6 February 2012. Shortly after the appointment, the administrators sold the business and assets of Brown & Newirth to Chrysus Trading Limited, a Manchester-based, privately-owned investment vehicle. The new funding line will save some 60 jobs at the wedding band specialist. The administrators of Abbeycrest Plc have also sold the shares in the manufacturing division in Thailand to Chrysus Holdco Limited, which will save some 600 jobs.