UK furniture maker Smallbone sold by administrators
Published: 21 Apr 2009 08:34:01 PSTLONDON, March 19 (Reuters) - Administrators agreed a quick sale of British furniture maker Smallbone Plc (SMAL.L) on Thursday in a move which preserves 400 jobs at the company based at Devizes in the west of England.
Administrators PriceWaterHouseCoopers agreed to sell Smallbone to the Canburg vehicle of investor Leo Caplan -- founder of office supplies firm Morgan Brookes -- on the same day as they took charge of the company, maker of upmarket fitted kitchens, bedrooms and bathrooms.
The sale price was not disclosed.
Earlier this month trading in Smallbone shares was suspended after the company said it had begun a strategic review due to funding concerns. [ID:nBNG384889]
The stock had collapsed from a peak of around 130 pence in mid 2008 before its suspension at 17-1/2p.
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