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Tuesday, September 23, 2014
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SIDMOUTH: Fields up for sale
Wednesday, 19 March 2014
East Devon’s most prolific group of department stores will be put on the market.
Fields of Sidmouth Ltd, which owns the Fields store in Sidmouth plus Trinity House and Home-in-Style in Axminster, announced the plan last week.
There is no time-scale but directors will at some point market the whole business as a going concern, seeking a purchaser who is “sympathetic to the trading ethos of the company, sharing Trinity House and Fields’ customer-centred approach and will value its skilled and loyal workforce”.
Joint managing director Tim Spores said: “The Spores/Roberts families have been owners and directors of Trinity House and Fields for 36 years.
“We have developed a strong and substantial business, but with no younger family members in a position to follow and the need to make our own future retirement plans, we felt the time was now right to inform our loyal workforce.”
A company spokesperson stressed it could be a while before the company is sold, saying: “It will take time to find the right purchaser and no definitive timetable can be given.
“In the mean time, Trinity House, Home in Style and Fields will continue very much with ‘business as usual’.
“No time scale has been set.”
Mr Spores added: “The company has weathered the recent financial crisis well.
“Its balance sheet is sound, with no outstanding debts, and will be attractive to an eventual future purchaser.”
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