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Richard Corsie Group calls in the receivers
EDINBURGH  EVENING  NEWS Published Date: 10 May 2008 By GARETH EDWARDS

THE troubled Lothians firm founded by former world champion bowler Richard Corsie MBE has gone into administration, just days after the company insisted it had a future.

The directors of the Haddington-based Corsie Group announced late yesterday they had appointed Blair Nimmo and Gary Fraser of KPMG Restructuring as joint administrators.

The move, brought about by cash-flow problems at the company, has led to eight people being made redundant with immediate effect.

The administrators said they would now be looking for a buyer for the business, which is mainly involved in supplying bowling green equipment.

The move follows weeks of turmoil which have seen the company lose its founder, chairman and two directors, and had trading in its shares suspended.

Earlier this week the News reported that David McArthur, finance director and secretary of the Corsie Group, said the company, which is based at the former Mitsubishi plant in Haddington, was looking to recruit replacement directors, and insisted the company had a future despite its problems.

The Corsie Group was founded by the former world bowls champion, in 1997 after he retired from the sport.

It includes Greengauge Sports, which supplies a variety of sporting equipment for use in lawn bowls, and Greengauge Surfaces, which distributes artificial grass and synthetic turf for use in indoor and outdoor bowling, tennis courts, children's playgrounds and home gardens.

Kaloss, a leading supplier of health and beauty products - such as dietary supplements and tanning creams - was also part of the group.

The company employed around 28 people and has an annual turnover of £3.9 million, but recently it has started to suffer from cash-flow pressures, due in part to difficult trading conditions and a write-down in stock levels.

In a statement, the joint administrators said it was too early at this stage to confirm the likely outcome for creditors.

Blair Nimmo, joint administrator and head of restructuring for KPMG in Scotland , said: "It is with regret that we have had to make these redundancies, but we remain hopeful that we can find a buyer for the business."

The company has faced uncertainty in recent weeks. Former Scotland rugby international Jim Aitken, who had been earmarked as the company's next chairman, stood down, and the firm then had its shares suspended "pending clarification of its financial position", triggering the resignation of non-executive director Vikram Lall.

It postponed publication of its latest results last month as an ongoing audit takes place.

Chairman David Mathewson then stood down from his role, followed by Mr Corsie himself just last week.

www.corsiegroup.com

Eight jobs go as former bowls champ Richard Corsie's firm goes into administration

DAILY  RECORD   -    May 10 2008

EIGHT people lost their jobs yesterday as a firm founded by former world bowls champion Richard Corsie went into administration.  

The Corsie Group - supplying equipment for lawn bowls and sports and beauty goods - was set up in 1997 in Haddington, East Lothian , when Corsie retired from the sport.

Yesterday, the firm's problems were blamed on cash flow pressures.

Joint administrator Blair Nimmo said: "It is with regret that we have had to make these redundancies but we remain hopeful that we can find a buyer for the business and effect a quick sale of the company and its assets."  

THE HERALD Corsie company calls in administrators  JAMES MORGAN  May 10 2008

The leisure and beauty business founded by Scotland 's former world bowls champion, Richard Corsie MBE, has gone into administration.

KPMG Restructuring were appointed yesterday as joint administrators of the Corsie Group, a week after the former Commonwealth gold medallist announced his resignation from the firm.

Founded in 1997, the Corsie Group employs 28 staff and produces a range of products from artificial grass, lawn bowling clothes, green tea and a breast enhancement gel.

Eight employees will be made redundant from the company, based in Haddington, near Edinburgh , which has an annual turnover of £3.9m.

There had been signs in April that the company was struggling after its shares were suspended. Other prominent executives had earlier resigned.

A statement from KPMG read: "The Corsie Group has suffered from cash flow pressures, due in part to difficult trading conditions and a write down in stock levels.

"The joint administrators are currently examining the company's affairs, although it is too early at this stage to confirm the likely outcome for creditors.

"Due to the current trading position and lack of available cashflow, the administrators have had no option but to make eight employees redundant with immediate effect."

Blair Nimmo, joint administrator and head of restructuring for KPMG in Scotland , said: "We remain hopeful that we can find a buyer for the business."

Jobs axed as Corsie collapse continues "We remain hopeful that we can find a buyer for the business"

Published Date: 10 May 2008 By Jane Bradley

CORSIE Group, the leisure firm founded by former world bowls champion Richard Corsie, slipped into administration last night after a turbulent trading period in which four directors quit in a month.

The Haddington-based firm, which distributed a range of products from Jackie Chan-branded green tea to artificial bowling greens, has collapsed due to difficult trading conditions, a write-down in stock levels and a lack of funding.

Eight jobs at the firm were axed last night, while the remaining 20 staff will be kept on for the immediate future.

Administrator Blair Nimmo, of KPMG, said he was examining the company's affairs and added it was too early to tell whether it would be able to continue trading.

Nimmo said: "It is with regret that we have had to make these redundancies, but we remain hopeful that we can find a buyer for the business and effect a quick sale of the company and its assets."

He told The Scotsman: "The company operates three divisions and they have been performing not so well - some worse than others."

He said the company had already had some "early indicative interest" and he hoped it would be sold.

Corsie quit as chief executive a week ago in a surprise departure from the company he founded in 1997 after he retired from bowls.

His departure swiftly followed that of Vikram Lall and former Scotland rugby captain Jim Aitken, who stepped down after just four months on the board.

Chairman David Mathewson also quit just two weeks ago.

Corsie first indicated it may be in trouble when it suspended trading of its shares on Aim on 26 April.

The company later delayed the publication of its annual results, due out just a few days later, pending an audit of the company.

Martin Spencer gets England U25 Trial

Martin Spencer (Lincs), Tommy Bishop (Hants), Craig Down (Devon), Dan Smith (Derby)

Joining Martin is county colleague Matt Orrey from Grantham who is playing no.3 in a rink.

Well done lads, all the very best.

Lincolnshire IBA - County Comps - Allocations 2008/09

All games to be completed & results to Competition Secretary by:
For Pairs, Mixed Pairs, Triples & Fours
Clubs with 0.5 place - 1st December 2008
Clubs with 1 or more places - 3rd January 2009
For Singles - 8th February 2009