News Releases

Exeter based Jourdans Limited, a national manufacturer of specialist packaging and retail displays, has today (15^th February 2008) been placed in administration by its directors.

 

The joint administrators are Jerry O’Sullivan and Sam Talby, business recovery partners at accountancy firm, Bishop Fleming. They have launched an urgent search for a purchaser while continuing to trade the company in the short term.

 

Established in 1894 and currently headquartered at Exeter’s Sowton Industrial Estate, Jourdans has a turnover of about £4 million. It is one of Europe’s leading manufacturers of specialist packaging for such markets as music, multimedia, publishing, cosmetics, toiletries, wines, and giftware. 

 

Joint administrator, Jerry O’Sullivan, said: “Having been operating as a family-owned business for more than a century, Jourdans has undergone recent reorganisations in response to difficult trading conditions. 

 

“The company was hit by a number of unexpected bad debts last year, which seriously affected cashflow. That was made worse by the recent withdrawal of credit facilities by a number of suppliers, due to an adverse indemnity insurance report”, said Mr O’Sullivan.

 

“As a result, despite a relatively healthy order book, the company has exhausted its cash reserves, and the directors have been unable to arrange alternative funding. They have also been unable to secure a buyer or investor”, he added.

 

With a total workforce of 77, the joint administrators have had to curtail the employment of the majority ofemployees while they seek a potential buyer.

 

“If a buyer can be found quickly enough, there is potential for future employment opportunities in the acquired business”, said Mr O’Sullivan.

 

Jourdans’ managing director, John Jourdan, added: “Having been run as a family business for well over 100 years, and in Exeter for over 50 years, this is an incredibly sad day for Jourdans and all its employees, all of whom have been extremely loyal for many years, and throughout this difficult period.

 

“Fortunately, our point-of-sale business, based in Crediton, is separate and continues to thrive. We are still actively seeking a partner whilst in administration and are working hard with the administrators to try and find a buyer for the business.”