IDS recordsdata discover to nominate directors
The UK’s largest distributor of ornamental surfaces – Worldwide Ornamental Surfaces (IDS) – has filed a discover with intention to nominate directors.
The Newcastle-under-Lyme primarily based firm, with 11 department depots and about 500 staff, has now modified the contact particulars on its web site so as to add the phrases “in administration”.
The information affecting such an enormous participant within the UK ornamental panels market follows a protracted interval of adverse financial buying and selling situations for the timber merchandise industries.
IDS modified possession in 2022 in a personal fairness backed administration buyout aided by investor Chiltern Capital.
Its most up-to-date accounts revealed with Firms Home relate to the preliminary seven-month buying and selling interval ended December 31, 2022, following the change in possession.
It recorded a pre-tax revenue of £1.17m within the interval, with gross sales of £78.7m. On the time its creditor quantities falling inside one 12 months totalled £50m and debtor quantities falling inside one 12 months had been £15m, with shares valued at £29m.
In a September 2023 a press assertion from Safe Belief Financial institution, which helped finance the 2022 MBO, IDS was stated to have undergone transformation by means of funding into its operational programs, product traces, and other people. This included IT infrastructure funding, the roll-out of latest finance, HR and transport programs to enhance operational effectivity, and extra warehouse capability at key areas.
Andy Sutton, IDS CEO, was quoted within the assertion as saying the corporate’s focus remained anchored in persevering with to develop its operations as a newly unbiased entity.
CFO Kevin Riddle left the enterprise in March 2024. Longtime director John Bagshaw had beforehand left the enterprise on the finish of 2022.
The enterprise specialises in flooring, worktops, laminates, compact, panel merchandise, stable floor, wall panelling and composite decking.
