The UK’s largest distributor of decorative surfaces – International Decorative Surfaces (IDS) – has filed a notice with intention to appoint administrators.
The Newcastle-under-Lyme based company, with 11 branch depots and about 500 employees, has now changed the contact details on its website to add the words “in administration”.
The news affecting such a big player in the UK decorative panels market follows a protracted period of difficult economic trading conditions for the timber products industries.
IDS changed ownership in 2022 in a private equity backed management buyout aided by investor Chiltern Capital.
Its most recent accounts published with Companies House relate to the initial seven-month trading period ended December 31, 2022, following the change in ownership.
It recorded a pre-tax profit of £1.17m in the period, with sales of £78.7m. At the time its creditor amounts falling within one year totalled £50m and debtor amounts falling within one year were £15m, with stocks valued at £29m.
In a September 2023 a press statement from Secure Trust Bank, which helped finance the 2022 MBO, IDS was said to have undergone transformation through investment into its operational systems, product lines, and people. This included IT infrastructure investment, the roll-out of new finance, HR and transport systems to improve operational efficiency, and additional warehouse capacity at key locations.
Andy Sutton, IDS CEO, was quoted in the statement as saying the company’s focus remained anchored in continuing to grow its operations as a newly independent entity.
CFO Kevin Riddle left the business in March 2024. Longtime director John Bagshaw had previously left the business at the end of 2022.
The business specialises in flooring, worktops, laminates, compact, panel products, solid surface, wall panelling and composite decking.
