The UK’s largest distributor of decorative surfaces has been placed on the market following its collapse into administration. International Decorative Surfaces (IDS) was forced to take this step after failing to secure additional funding, primarily due to a significant slowdown in the property and construction sectors.
IDS, once one of the leading distributors of decorative surface materials in Europe, had amassed a stockholding of over 6,000 products. Following a management buyout in 2022, the group had been carved out from French multinational company Saint-Gobain. The buyout was supported by private equity investor Chiltern Capital, alongside a multi-million-pound asset-based lending facility from Secure Trust Bank Commercial Finance.
Administrators from FRP Advisory have now placed IDS and its assets up for sale. These assets include half a million square feet of warehousing, capable of supporting more than 50,000 monthly transactions, as well as an 85-vehicle fleet that ensures nationwide deliveries within 24 to 48 hours. The company employed 393 staff across its 12 locations, including its Newcastle-under-Lyme headquarters and sites in Nuneaton, Leeds, Warrington, Exeter, Fife, Gateshead, London, Ely, Norwich, and Swindon. As of now, 11 sites remain operational.
IDS had undergone significant transformation efforts in recent times, investing in its operational systems, product lines, and workforce. However, these efforts were insufficient to weather the economic challenges. CEO Andy Sutton continues to head up the company, although recent departures include CFO Kevin Riddle and Managing Director John Bagshaw. Bagshaw had played a pivotal role in the company’s formation through the merger of L Bloom and Meyer Laminates in 1999. IDS also introduced Tony Buffin as chair, who had previously been on the boards of Travis Perkins and Kingfisher and is currently the chair of HIG-backed Highbourne Group.
In its last accounts filed at Companies House, IDS employed 525 staff and reported revenues exceeding £78.7 million. Alastair Massey and Tony Wright of FRP Advisory have been appointed as joint administrators of the firm. Despite the challenges faced, Massey remarked on the underlying strengths and capabilities of IDS, stating, “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 future of IDS now hinges on the outcomes of the administration process and the potential sale of its assets. Stakeholders and potential buyers will be closely monitoring developments as the situation unfolds.