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Richard Corsie
Group calls in the receivers
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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. 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 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. |
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Martin Spencer gets England U25 Trial |
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| On the back of his success last
year down at Worthing in the National U25 Singles, Martin Spencer has
received a deserved England Junior Trial. To be held on Saturday, 24th
May – Norgren BC, Shipston-on-Stour, Warwickshire with session I at
11am and session II at 2pm. His rink is as follows:
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. |
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Lincolnshire IBA - County Comps - Allocations 2008/09 |
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All games to be completed & results to Competition
Secretary by: |
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| Singles Last 32 will be at Lincoln on 8th March 2009 | Play by dates for Pairs, Mixed Pairs, Triples & Fours: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| All Semi-Finals will be at Spalding on 29th March 2009 | Preliminary Round (0.5 places) - 3rd January 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1/8th Finals (Last 16) - 9th February 2009 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Joint Finals with LWIBA at Boston on 18th April 2009 | Quarter Finals - 15th March 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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