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UKs Largest Decorative Surfaces Distributor Placed on Sale by Administrators

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The UK’s largest distributor of decorative surfaces has entered administration and is now available for sale. Following its failure to secure additional funding amidst a notable downturn in the property and construction sectors, International Decorative Surfaces (IDS) has made some of its 393 employees redundant.

IDS, previously one of Europe’s leading distributors of decorative surface materials with a stock of over 6,000 products, faced financial difficulties following a management buyout from the French multinational Compagnie de Saint-Gobain in 2022. Backed by private equity investor Chiltern Capital, the team also secured a significant asset-based lending facility from Secure Trust Bank Commercial Finance.

Administrators at FRP Advisory have now listed the business and its assets for sale. Key assets include half a million square feet of warehousing, an 85-vehicle fleet capable of nationwide delivery within 24-48 hours, and support for over 50,000 monthly transactions. While IDS employed 393 staff across 12 locations, only 11 sites remain operational, located in Newcastle-under-Lyme, Nuneaton, Leeds, Warrington, Exeter, Fife, Gateshead, London, Ely, Norwich, and Swindon.

IDS’s previous leadership comprised CEO Andy Sutton, CFO Kevin Riddle, and COO Paul Burns. The company had reportedly transformed via investments in operational systems, product lines, and personnel. However, significant leadership changes have occurred, with Riddle and managing director John Bagshaw, who had been with the company since its formation in 1999, both departing. Tony Buffin has taken over as chair, bringing experience from notable roles at Travis Perkins and Kingfisher, and currently serves as chair of HIG-backed Highbourne Group.

In the last accounts filed at Companies House, IDS employed 525 staff and reported revenues exceeding £78.7 million. The appointed joint administrators, Alastair Massey and Tony Wright from FRP Advisory, are exploring all options to secure a future for the business. Massey commented, ‘While IDS has faced significant challenges in recent months, it remains a business with considerable strengths and capabilities. We’re now focused on exploring all options to secure a future for the business, including marketing it for sale and we would encourage any parties interested in acquiring the business to make contact with us as soon as possible.’

The situation at IDS underscores the broader challenges within the property and construction industries. However, the company’s substantial assets and significant market position present potential opportunities for prospective buyers.

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