Airsprung, a bed and upholstery manufacturer based in Trowbridge, Wiltshire, is currently facing significant financial difficulties and has filed a Notice of Intention (NOI) to appoint administrators. This move signals the company’s efforts to address short-term liquidity issues and explore options to safeguard its operations.
The decision was announced internally on April 22, with Airsprung confirming that both Airsprung Group plc and Airsprung Furniture Ltd have lodged the NOI. This procedural step provides the company with a temporary period to evaluate its financial position and consider remedial measures without immediately entering administration.
Company directors have cited prolonged difficult trading conditions combined with a substantial pension scheme deficit as primary factors contributing to the current financial challenges. They emphasized that the business is actively working with key stakeholders to identify viable solutions aimed at preserving the company.
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According to reports from the Wiltshire Times, the directors described the NOI as granting the business essential “breathing space” to navigate the complexity of its situation. They reassured employees that despite uncertainty, wages scheduled for April 24 and April 28 will be paid in full.
In a statement highlighted by the Express, Airsprung acknowledged the broader pressures impacting the sector, which have adversely affected its trading performance and cash flow. The directors acknowledged the difficulty of the decision but remain committed to protecting the company’s future through ongoing discussions with stakeholders.
While Airsprung is not yet in administration, the company has indicated that updates on the process will be limited to protect the integrity of negotiations and safeguard sensitive information.