Founded over 40 years ago and with its manufacturing facility in Naseby, Northamptonshire, Roma Leather has entered administration.
The company manufactured and sold leather accessories including belts to retail customers principally in the UK and USA. Turnover was approximately £1.7m in 2022, with the company employing 33 people.
The business was severely impacted by the fall off in high street and online sales which resulted in customers reducing or delaying their demand for the company’s products.
Management have explored a range of options to rescue the business, including attempting to sell the business and assets as a going concern. Unfortunately, no party was prepared to acquire the business on that basis.
All employees were made redundant prior to the appointment of Tom Straw and Chris Lewis of RSM UK Restructuring Advisory LLP as joint administrators, and the business has ceased trading.
Tom Straw, joint administrator at RSM UK, said: “Regrettably this 40-year-old company has been placed into administration despite the efforts of the management team to find a buyer for the business as a going concern. This business failure illustrates the issues facing many UK SMEs in the current challenging economic environment.”
