Shop-Equip in administration
UK: Mansfield-based commercial catering equipment supplier Shop-Equip has gone into administration.
A statement on the company’s website blames the current economic climate.
Shop-Equip was established in 1989 as a regional retail equipment supplier and swiftly evolved to become a leading UK distributor of commercial catering equipment, commercial refrigeration, retail equipment and shopfitting supplies.
Its broad range of commercial refrigeration equipment included Polar Refrigeration, Williams, Interlevin, Tefcold, Foster and Gram.
In its most recent financial figures to the end of 2017, the Shop-Equip directors admitted it had been “a very challenging year”.
“The catering and commercial refrigeration equipment industry continues to be aggressively competitive with online resellers competing at low margins,” it said.
Despite sales growth in excess of 39%, poor margins and increased advertising expenditure resulted in only a small increase in profit before tax.