Two equestrian firms face financial problems
2 leading equestrian business — Barnsby Saddlery and Derby House — have found themselves in serious financial difficulties.
However, both companies insist it will be business as usual for customers.
Barnsby, which has been trading since 1783, announced just before Christmas that it had agreed a Creditors Voluntary Arrangement (CVA) with all its creditors. A CVA allows a company to pay creditors over a fixed period.
Barnsby made 7 members of staff redundant before Christmas. It told H&H that the financial difficulties were not due to falling sales — there was a 14% increase in 2013 — but because of cash flow and debts.
Company chairman Mike Lord said: “This has been a testing and frustrating time. However, we now have a much improved financial position which, together with some cost restructuring measures, will help us to grow the business profitably in 2014 and beyond.”
Barnsby also told H&H it would continue to support its sponsored riders, who include Mary King and Laura Collett.
Troubled retailer Derby House Ltd went into administration on 29 November after being unable to comply with the terms of its CVA. It was bought out by Newtyle Trading Company Ltd and will continue to trade though the website www.derbyhouse.co.uk
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Derby House closed its flagship Lancashire store last year. It had been facing floods of complaints from customers about slow delivery and out-of-stock items, although it told H&H it would address those concerns.
A spokesman for Newtyle Trading Company said: “We can confirm that all orders placed with, and any offers made by, Derby House to customers, including vouchers, have been and will continue to be honoured.”
This story was originally published in 16 January 2014 issue of Horse & Hound.
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Sophia Heath joined Horse & Hound in July 2013 having previously worked for the Daily Telegraph's Olympics website, CNN International and Omnisport. A Durham graduate with a Masters in journalism from City University, Sophia has evented, showjumped and hunted. Sophia left Horse & Hound in early 2015 to join an international boating website.