The administrators for Enfield builders merchant Long & Somerville today sold the business to Buttles (Enfield).
Long & Somerville was voluntarily put into adminstration on Monday. Included in the sale was the business assets: stock, debts, equipment, goodwill and intellectual property.
Administrator Paul Mather from Begbies Traynor in London told buildersmerchantsjournal.net that the company had been the unfortunate victim of the current economic climate.
“They bought their site and a plot in Crews Hill a couple of years ago, however in today’s economic downturn the value of those properties is now quite substantially less than it was when they purchased them.
“What this did was put the company’s balance sheet out of kilter. Couple that with the problems to cash flow caused by the economic downturn and the company really had no choice but to go into administration. Unfortunately, market conditions conspired against them.”
Buttle’s Enfield Limited will trade as Long and Somerville from the Mollison Avenue site, starting tomorrow, Friday 24 July.
Peter Buttle, md of Buttles, said: “”I have mixed emotions about this outcome. But if the business of Long & Somerville couldn’t survive on its own, at least it hasn’t been swallowed up by a national.
“Our teams, at the expanded Buttle’s and at Building Partners, will be working hard, starting today, with the aim of rebuilding this highly respected independent merchants business.”