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Discussion Starter · #1 ·
Hi All,

A friend of mine in the factory business just told me that alfred sargent has gone bust! He lives in the area and knows workers, who said they are in so much debt they closed the doors. Does anyone else know anything about this?

I really hope this is not the case, because it seems that more English factories close every year......sad day :(
 

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Discussion Starter · #3 ·
I hear that Gaziano Girling have their MTO/RTW shoes made there. If this is the case, perhaps everyone should look into their orders as I know I have had delays on my shoes from them and this could be a reason for it!
 

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This is rather disappointing to hear. The list gets a little shorter on well made shoes unfortunately. I recently bought Peal & Co. shoes manufactured by Alfred Sargent and was looking to get more pieces from them in the future. Their shoes are very well made and I guess I was fortunate to purchase a pair. But this is bad. I hope other companies we hold in high regard are not in the same situation but it is a sign of the times. This is sad.
 

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This is a sad development if true, very sad.

Perhaps some of our members with contacts in the area could gain confirmation?

I was quoted 5-7 weeks on a pair of connaught last week so I'm hoping they're still producing shoes.

Perhaps the rumour mill has got out of control following Paul Sargents comments about redundancies last month.
 

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Whilst not a customer of Sargents myself I find I am very saddened indeed by this news. I had hoped for a renaissance for the company under G&Gs inspiration and have seen some of the new line in Edwards, Manchester destined for the USA- very very nice stuff.

I wonder if Dean and Tony can buy the business out or whether the debts are so big its beyond them - quite likely

What is the world coming to. All who live in trainers/sneakers should repent now!
 

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Whilst not a customer of Sargents myself I find I am very saddened indeed by this news. I had hoped for a renaissance for the company under G&Gs inspiration and have seen some of the new line in Edwards, Manchester destined for the USA- very very nice stuff.

I wonder if Dean and Tony can buy the business out or whether the debts are so big its beyond them - quite likely

What is the world coming to. All who live in trainers/sneakers should repent now!
Isn't this the kind of situation Chapter 11 bankruptcy is intended for? I don't know British bankruptcy law, but perhaps reorganization and debt negotiation and consolidation can save the day.

Maybe we can organize a private equity firm here at AAAC and Style Forum to buy the company.

I nominate Aportnoy to be CEO.
 

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An article from today. Still no announcement of a total closing, but it doesn't sound good.

https://www.northantset.co.uk/news/No-wages-for-axed-workers.4754073.jp
The beginning of the end.

If there's no money to pay wages/redundancy etc then the cash flow has dried up within the company. No money to purchase raw materials, production stops, unable to produce a product to sell, no product to sell, no sales, no money coming in to the company.

If anyone saw the BBC documentary on the real story behind the Kinky Boots film will realise this is a familiar cycle that shoe manufacturers have gone through before, the outcome is usually terminal.
 

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UPDATE

I've had some shoes on order from S&H and I spoke to them today about said order, they in turn have spoken to AS. S&H report that they're still sending out shoes and taking orders and as far as they're concerned they're still in business. The plot thickens.....
 

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Isn't this the kind of situation Chapter 11 bankruptcy is intended for? I don't know British bankruptcy law, but perhaps reorganization and debt negotiation and consolidation can save the day.

Maybe we can organize a private equity firm here at AAAC and Style Forum to buy the company.

I nominate Aportnoy to be CEO.
We dont' have chapter 11 bankruptcy - Gov are talking about bringing something like it in.
 

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The notion of continuing to operate while being shielded from creditors is rather rare outside of the US. Just ask Jason Amesbury who discovered, contrary to his wishful thinking, that his creditors did not go away when he went bankrupt a couple of years ago... (Apparently, he has a new sponsor now.)

Whether having the option to file for Chapter 11 is beneficial in the long run is an open question, but what is certain is that it spawned an entirely new subsector in the US legal profession...
 

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I've had some shoes on order from S&H and I spoke to them today about said order, they in turn have spoken to AS. S&H report that they're still sending out shoes and taking orders and as far as they're concerned they're still in business. The plot thickens.....
So the BFA say one thing and a large customer, S&H say the opposite! For now that leads me to believe S&H since they are at the sharp end.
 
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