Theobalds next?

13 April 2010

The Crown acquisition announcement comes hot on the heels of the news that Kent-based kitchen and bathroom distributor company Theobald’s is in administration. The company’s Kent-based doors were closed before Easter. Theobald’s had been jointly bought by Jamie Gardner and Steve Brooks from original owners Jim and Wil Theobald nearly three years ago.

Stephen Joseph who had retired from Allied, then joined Theobald’s as a consultant in September last year. In January this year he took a controlling interest in the £10m turnover Theobald’s and became ceo. Theoabld’s md Jeff King has been on sick leave. The administrators are MCR in Portman Square, London.

Stephen Joseph issued the following statement on April 13th. "Given how quickly rumours can spread in the KBB industry I thought it would be in the best interests of all concerned if I made a brief statement on recent developments". James Theobald's was placed into administration on Thursday 1 April 2010. Despite the best efforts of the staff of Theobald's, the support of our suppliers, and a substantial personal investment by myself, the company could not continue to trade legally. "The administrators are currently examining the accounts to see if the company can be sold."