Iconic Yeovil glovemaker Pittards appoints administrators
Joint administrators are in advanced-stage talks to preserve the business' heritage and safeguard the jobs of its UK and Ethiopian employees
The iconic Yeovil-based glovemaker - Pittards - has officially appointed joint administrators.
The business' future was cast into doubt last month, when they announced their intention to call in administrators - but back in August confirmed they were still trading.
Pittards has been an iconic part of the town for nearly 200 years, and of course is steeped in Yeovil's DNA, with the local football club being nicknamed The Glovers.
Despite there being just one store now, the art of glove making used to be Yeovil's biggest trade, with more than 30 factories making them in the town at one time.
Back in August, Yeovil's MP Marcus Fysh called for a ramping-up of efforts to make sure the glovemaker survived.
Over the past few months, bosses have been hinting at a wider downturn in the economy hindering their prospects of survival, however.
Today (September 5), it's been confirmed to Greatest Hits Radio that joint administrators have been appointed.
Lucy Winterborne and Dan Hurd of EY-Parthenon’s Turnaround and Restructuring team were brought in yesterday, on 4 September 2023.
Founded in 1826, the company currently employs 150 staff in the UK and 900 in Ethiopia via its Ethiopian subsidiaries. These are currently not in administration.
We're told that the Joint Administrators are at an advanced stage of negotiations to sell the Company’s business and assets (including its Ethiopian subsidiaries) to preserve the heritage of the Pittards business and safeguard the jobs of its UK and Ethiopian employees.
Lucy Winterborne, Joint Administrator at EY-Parthenon, said: “Pittards has been one of the UK’s leading manufacturers of leather goods for over 100 years, but a difficult retail environment saw the Company suffer a substantial reduction in demand in 2022 due to customer overstocking.
"This had a significant impact on the Company’s profitability and cash flow.
“We are working hard to conclude a sale of the business and hope to provide more certainty in the coming days."
The transaction of the business is expected to close later this week.