Leather and finished products manufacturing group Pittards confirmed on September 4 that it has appointed administrators to take responsibility for selling its assets, writes Leatherbiz.

It said Lucy Winterborne and Daniel Hurd of Ernst & Young will act as joint-administrators.

However, it also said the administrators were already “at an advanced stage of negotiations” to sell the company’s business and assets to a new owner. This will include Pittards’ subsidiaries in Ethiopia.

The administrators expect to bring this transaction to reach a formal close by September 6 at the latest. They said that if the transaction cannot be concluded, they will “assess available options to realise value for the company’s creditors”.