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Telford Trade Counter Closes as Administrators Appointed to Headlam
Headlam will keep trading during a restructuring that includes refinancing debt and cost cuts after administrators said recent economic pressures hit liquidity.
- Birmingham-Based Headlam entered administration on Tuesday, cutting 154 jobs and closing 28 trade counters across the UK while hiring Interpath to oversee restructuring operations.
- Administrators said the firm was knocked by recent economic challenges, including cost inflation and fragile consumer confidence, after Headlam's shares suspended at the start of September due to liquidity shortages.
- The company, which currently employs around 1,300 workers, will undertake a Company Voluntary Arrangement restructuring that closes more than a third of its 76 trade counters, leaving 17 distribution centres and 48 trade counters open.
- On Wednesday, Will Wright, chief executive at Interpath and joint administrator to Headlam Group, said: "Our immediate priority is to those employees whose roles have been lost as a result of today's site closures."
- Administrators said the business will launch refinancing of debt facilities and cost reduction measures to help make its finances "sustainable" for the longer term, positioning recovery as contingent on stakeholder support.
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Economy alert: Flooring firm Headlam to cut 154 jobs and multiple sites in administration shock
An 80-year-old home renovation company has been forced to cut dozens of jobs and close multiple sites after beginning administration proceedings.Birmingham-based floor coverings specialist Headlam has shed 154 roles and shuttered 28 of its trade counters after falling into administration.The firm, which employs roughly 1,300 people, appointed administrators from Interpath earlier this week (September 8).Trade counters, retail points within facto…
·London, United Kingdom
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Coverage Details
Total News Sources15
Leaning Left4Leaning Right2Center5Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 36%
C 46%
R 18%
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