Portland appointed administrators, and seeking buyer, of long established clothing retailer

South coast based Portland Business Recovery has been appointed administrators of Devon based Samuel Daw & Company Limited, a family owned business that specialises in Schoolwear, Menswear and formal suit hire. Trading originally started in 1874 although the company’s operations commenced in 1948.  Portland is now looking for a buyer for the long established clothing retailer, via Lambert Smith Hampton. Trading will continue in order to maintain goodwill in fulfilling backorders for local schools.

samuel Daw & Co

Trading from a single high street location in Barnstaple, the business has suffered trading losses which resulted in cashflow problems and accumulated debt.  A loss of some school contracts as well as changing market trends, further added to their financial predicament.  These losses were absorbed in previous years, but were exacerbated by impact of Covid-19 and subsequent lockdowns.

Portland Director Steve Godwin commented:

“We yet again see another successful retail business go into Administration due to the knock on effects of Covid-19 restrictions.  Despite Daw & Co’s diverse market and customers base, which included local businesses workwear, schools and educational establishments as well as the general public, the sudden drop in sales has meant that it is no longer financially viable for it to continue to trade.  It is unfortunate to see another much loved business, such as Samuel Daw & Co, fall victim to the worldwide pandemic.  Once furlough and Government support ends in September, and as businesses are required to budget for the repayment of deferred debt and Bounce Back and CBILS Loans, we could see many more of them struggle to meet their financial commitments.  This could lead to Insolvency and ultimately mean that many well-known brands may disappear forever.”

All 7 employees have been retained by Portland in order to fulfil backorders, especially for the local community schools, and to ensure that business is still able to trade in the short-term to maintain the high standards that its customers are accustomed to.

Steve continued:

“This could be a huge loss for the local area and high street as a whole. Having spent several days watching this family owned business operate and staff engage with its loyal customers base, I have seen first-hand the potential the business has to offer.  We are confident that prospective buyers will also see this and appreciate the opportunity on offer.”

Interested parties and prospective buyers can contact jhills@lsh.co.uk for more information.

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