Despite reports to the contrary, Steljes Audio is not affected by Steljes Ltd having been placed into administration. It is part of Steljes Holdings Ltd, which continues to trade.
AV specialist distributor Steljes Ltd was placed into administration on May 23.
The administrators have been named as Kevin Coates, Sarah O’Toole and Anne O’Keefe at insolvency practice Alix Partners. They confirmed that Steljes Ltd is seeking a buyer for the company “either as a whole or in parts”.
Speaking to ERT, James Roth, Steljes Audio’s head of audio, confirmed that the audio brand had not been affected. “Whatever may have been published so far does not in any way, shape or form affect Steljes Audio Ltd. It is a standalone company.”
Steljes Ltd cited changes in its relationship with its vendor, interactive technology specialist SMART – which generated two-thirds of its sales – as the main factor in the administration.
“The administration was a required consequence of the business failing to meet the profit it needed to service, which was a consequence of us moving from a value to a volume model for our largest vendor SMART,” the company said.
At the end of the fiscal year in June 2015, Steljes Ltd reported an operating loss of £1.28 million on sales of £53.8m.
More details will be announced in the coming weeks.