Airsprung Beds, a prominent bed and upholstery manufacturer based in Trowbridge, Wiltshire, has filed a Notice of Intention (NOI) to appoint administrators due to prolonged financial challenges. This move signals the company’s efforts to explore options to stay afloat amid difficult trading conditions and a significant pension deficit.
On April 22, Airsprung communicated internally that it is working closely with key stakeholders to identify ways to preserve the business. Both Airsprung Group plc and Airsprung Furniture Ltd have lodged the NOI, which is a formal step taken to provide the company temporary protection. This breathing space allows Airsprung to assess alternatives and implement necessary corrective measures without immediately entering administration.
Despite the notice, Airsprung has yet to enter administration. The company described the situation as a short-term liquidity problem exacerbated by sustained difficult trading conditions and pressure on cash flow. The directors acknowledged the difficulty of the decision but emphasized their commitment to safeguarding the company’s future.
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Airsprung has assured employees that payroll commitments will be met, with wages scheduled for payment on April 24 and April 28. However, the company has chosen not to provide live updates on the developments as it continues discussions behind the scenes.
Industry observers note that the bed manufacturing sector has faced significant headwinds, impacting Airsprung’s performance and financial health. The company’s ongoing negotiations with stakeholders aim to identify viable solutions to preserve this well-known South West brand.