Pittards PLC. - Administration

Pittards PLC., an historic leather goods firm headquartered in Somerset, entered administration on 4 September 2023. The firm was founded in 1826 and employs 150 staff in the UK and 900 in Ethiopia. It cited the wider economic downturn, fluctuating exchange rates, rising energy prices and a post-pandemic fall in demand for its products as the primary drivers behind its administration. Lucy Winterborne and Daniel Hurd of Ernst & Young were appointed Joint Administrators. They had reportedly been holding discussions with an interested party prior to their appointment, but were unable to conclude an agreement. Two Lloyds Bank entities have a registered charge against the company.