DrumWright goes into administration
Reading-based retailer DrumWright has been put into administration after almost 20 years in business. The drums and percussion specialist cited poor sales ahead of the Christmas period as one of the reasons the behind its closure, with management and legal advisors concluding that it was in the best interests of creditors and suppliers to wind up the business.
Here is their news:
It is with great sadness that I have to inform you that DrumWright opened for the last time today, and the company is being put into Administration. Following very poor trade in the run-up to Christmas, the directors of DrumWright met earlier this month to review the position. In the light of informal discussions with insolvency practitioners and our legal advisers we concluded that it would be in the best interests of our creditors – and especially our suppliers – to wind up the company in the best order possible as soon as practicable. Acting on their further advice, given today, we have closed the store tonight and will not re-open.
As you can imagine, this is a sad day for the Wright family, seeing a business which has been our passion for nearly 20 years come to an end in this way. We believe we had created a great destination store, with very high approval ratings from customers thanks to the great team we have here. The sad thing is that since the launch of a new website nearly a year ago, not enough people were finding out about us, or buying from us online. Despite the best efforts of everyone, we have not been able to achieve the turnaround we needed to trade profitably.
To our customers and suppliers we say thank you for all your support over the years: it means a great deal to us.
Ian and Chris Wright