The company, which traces its origins back more than 150 years to 1871 in Trowbridge, has been facing financial challenges over a sustained period. According to an internal notice, the business faces a short-term liquidity issue, prompting the directors to file for the notice of intention (NOI).
The directors are working with key stakeholders on options to preserve the company, and staff will be paid on April 24 and April 28. According to Daily Express - UK News, Airsprung directors described significant pressures in the sector that have impacted trading performance and cashflow. They added that the NOI provides breathing space while options are progressed, but they will not provide live updates.
There have been significant pressures faced in the sector, all of which have impacted Airsprung's trading performance and have affected the cashflow position of the company. The directors are working with key stakeholders on options to preserve the company. Whilst these options are being progressed, the filing of an NOI provides the directors and the business some breathing space to see these options through. We will not be able to provide live updates on this process.
Airsprung products are sold through major retailers including Argos, Very, Dunelm, and Amazon. It remains unclear what specific options the directors are exploring, the size of the pension deficit, or whether the company will ultimately enter administration.