David Matthew Hammond and Robert William Birchall of PricewaterhouseCoopers LLP in Birmingham were appointed administrators of Seoul Nassau (UK) Limited on 2nd August 2007.
In a letter to creditors dated 10th August the administrators say that it is too soon to give any indication of the prospects of return for creditors.
The Birmingham based company supplies golf-range equipment – including automated tee-up systems, golf course accessories, signage and amenity and turfcare materials
Seoul Nassau owns such premium brands as Pattisson and Pareto and is a distributor of the high quality US brand Par Aide. The company is believed to employ more than fifty staff around the UK.
“We have seen sustained growth in 2007 and expect that to continue,” said Seoul Nassau’s CEO, Craig Treharne, in March this year, going on to state, “2007 is going to be an exciting year.”
A spokesperson for PricewaterhouseCoopers LLP said yesterday that the business had been sold to another company already operating in that part of the market.
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