Menzies Corporate Restructuring has thrown a lifeline to troubled giftware manufacturer Poole Pottery, which went into administration in December.
The Dorset-based company was heavily insolvent, owing creditors more than £1m, when directors decided to close its factory and shop and make the entire staff redundant just days before Christmas.
But last month a Menzies restructuring team led by partner Paul Clark took the unusual step of reopening the Poole Pottery shop for business, to be greeted by a crowd of over 400 would-be shoppers and a small press corps. 'People are used to administrators closing things,' Clark told Accountancy. 'It's fairly novel for them to be opening things.'
Clark said that the 'huge' amount of interest generated by the closure of the 134-year-old business was behind Menzies' decision to reopen the shop, as well as the fact that a busy shop would make the business more attractive to prospective buyers.