Appliance distributor Swift Electrical has been saved from administration in a quick pre-pack deal following ‘significant challenges’.
The Stoke-based company has been bought by its joint managing director Anthony Sant (pictured) for an undisclosed sum via APS Distribution Ltd – formerly The Recycling Group. It will continue to operate under the Swift name.
Sant says that all existing orders will be fulfilled and retailers will be supported with any manufacturer warranties sold by the previous Swift business.
“We understand that recent issues have caused uncertainty and concern for customers and suppliers [and] we thank everyone for their patience over the past couple of weeks,” Sant said.
“By acquiring the business from the administrators, we have saved 34 jobs and secured the future of the staff and the company. We’ve now implemented a new management structure and secured investment to ensure stability and success moving forward. “
Interpath Advisory was appointed as administrator to Swift Electrical Wholesalers (S-O-T) Ltd on June 17.
It said that Swift had encountered ‘significant challenges’ over the last 12 months. including losing a large customer which then also resulted in the loss of a key supplier. It had also found it difficult to recover from the pandemic period and a turnaround plan had failed to return the business to profitability.
Swift Electrical was founded in 1978 by Jim Swift and was bought by Chris Honer in March 2019 from the Swift family. This new sale will see Honer exit the business.
“In the short term, customers can continue to expect Swift’s excellent customer service and its nationwide distribution service,” Sant said. “We intend to increase the extensive range of products, including brands like Creda, to support long-term retail customers.”
Before joining Swift, Sant was in a senior position at AO Business overseeing its extensive recycling business and has become a vocal advocate for appliance recycling in the independent kitchen real sector. This, he says, is the opportunity Swift needs to grow and develop: “We plan to leverage over 40 years of experience, sector knowledge and goodwill to create a proposition that goes beyond merely distributing leading kitchen brands.
“APS Distribution Ltd offers a unique understanding of upcoming environmental regulations that will affect the electrical and kitchen retail sectors. We believe this understanding will add value to the customer relationship by providing additional support to deal with electrical appliances at end of life.”
Creditors of Swift should contact the administrator Interpath Advisory.
