Word has reached us that Baumatic, who sell a wide range of design led kitchen appliances including ovens, hobs and hoods and more has entered into administration.
So far reports are sketchy and there is nothing in the way of official confirmation or who the appointed administrator is however it has been reported that a buyer for the brand is being sought and that talks are underway.
It is rumoured that there are a number of parties interested in picking up the brand name but we would think it was unlikely that the whole infrastructure or liabilities would be taken on by a new owner.
Reports suggest that Baumatic's own engineers are currently not attending any calls.
Nothing is known as yet of the state of third party service providers.
We are also unsure what will happen in respect to ongoing warranty service provision or spare parts although, since Baumatic did not manufacture appliances themselves it is likely that spare parts will be available for most products from other sources however, any cosmetic parts may be an issue.
Reportedly Baumatic employs around three hundred staff and has offices in various regions of the world including the UK, Germany, Italy, Australia and many more.
We will bring you the latest on Baumatic as it unfolds.
ERT reports that Grant Thornton has been appointed as the administrator. David Dunkley and Robert Lewis will be handling the process.
A spokesman for Grant Thornton has told ERT that at this stage could only confirm that Baumatic was in administration but said that they were “in talks with interested parties with a view to securing the future of the company”.
In its last accounts to March 2012 Baumatic Ltd declared a turnover of £60.8 million and a profit of £96,000.
Rumours are circulating throughout the industry about multiple possible buyers for the business including the original owners buying the company back, presumably in a pre-pack deal, Bertazzoni, Pikapac and more. It is therefore highly likely that, in some format, the brand will live on.
A statement on the Baumatic's website now reads: “On 8 October 2013 David Dunkley and Richard Lewis of Grant Thornton UK LLP were appointed joint administrators of Baumatic Ltd and now manage the affairs, business and property of Baumatic Ltd.”