Wholesaler enters administration after battling sales falls; agrees restructuring package, which sees business on a firmer footing, says spokesperson.
J T Frith has entered administration.
The wholesale business went into the hands of the administrators on Friday May 23 after battling years of falling sales despite developing on an operational level.
A spokesperson for the owners Graphite Capital, a UK mid-market private equity company, said the administrative move is part of a restructuring package.
J T Frith has moved to assure retailers that its nine depots – a site in Wednesbury closed earlier this month – continue to trade and that ‘it’s business as usual’.
J T Frith, which sells a range of household products, electrical goods, garden products, gifts and toys, has seen a number of management changes over the last four years.
The most recent – in 2004 – saw Graphite Capital back a management buy-in/buy-out from John Fretwell, who founded J T Frith in the 1970's.
At that time, Graphite structured the deal to incorporate equity as well as a debt package from Bank of Scotland Corporate.
The wholesaler's last financial accounts to February 2007 showed turnover of £63.1m.