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Business

Historic Headley brand is no more, sale confirmed

Oxfordshire print company Henry Stones has been confirmed as the new owner of beleaguered Headley Brothers, saving 113 jobs at the business.

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Headley Brothers sale is complete with 113 jobs saved

A newly-formed subsidiary of Henry Stones, Stones Ashford, has been created, with funding from Thames Valley Capital, putting an end to 136 years of the Headley Brothers brand. 58 staff were made redundant at Headley last month after it put itself up for sale in January of this year.


Managing director of Headley Brothers Simon Bingham comments: “I am delighted that the sale has concluded and with the help and support of Smith and Williamson secured the future of our business as Stones Ashford.
“We can now continue to focus on our clients and their needs as we make plans to move forward.”

Regrettably, Headley Brothers had to make a number of redundancies in February 2017 following the sudden loss of its largest customer which accounted for about 25 percent of production output

Headley Brothers experienced significant losses in recent years, and substantial restructuring took place in 2016 in a bid to strengthen the firm’s position. This restructuring programme was not enough to offset longstanding debts and cash flow problems, and losses reached £1.8m last year.


Joint administrator Steve Adshead adds: “Headley Brothers was a well-established business with a strong customer base. Regrettably, Headley Brothers had to make a number of redundancies in February 2017 following the sudden loss of its largest customer which accounted for about 25 percent of production output.


“However, we are pleased to have reached a favourable conclusion by achieving our aim of finding a buyer able to take the business forward as a going concern and safeguard 113 jobs.”


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