Glyn Mummery and Jeremy French, Client Partners at Vantis Business Recovery Services, a division of Vantis, the UK accounting, tax and business advisory group, have been appointed on the administration of Hot Spring, the UK dealership of hot tubs and swim spas, headquartered in Chelmsford.
Hot Spring entered into administration on 5th November 2008. The UK franchise business imports goods into the UK from US based manufacturer, Watkins, a leading global manufacturer of spas and outside living products. Hot Spring will continue trading for a period of 4 weeks, with the full support of Watkins, while a buyer is sought for the operation. All service and maintenance guarantees will be honoured throughout the administration period, and all deposit orders for hot tubs will be delivered.
12 of the 30 retail outlets in the UK will remain open during the administration, as well as the business’ 4 distribution centres. 40 of Hot Spring’s 117 employees have unfortunately been made redundant.
Commenting on the administration, Glyn Mummery said: “Hot Spring operates in the luxury retail market, which has been hit hard by the downturn in the economy. Due to cash flow pressures it was sadly forced into insolvency. However, we are confident of the Hot Spring brand as the American manufacturer is committed to the UK market.”