Despite being a small family business, Stones4home has since its founding in 2008, selling high-quality natural assemblies for residential use and building local relationships.
In 2022, the company was purchased by Prestige Holdings Limited to introduce new management and strategic directions into the business.
However, the bad weather in the winter of 2024 harmed sales for both Stones4 Homes and Prestige Holdings Limited, causing cash flow pressure on both.
Accountant and business advisor PKF Smith Cooper was approached on February 13th this year. Subsequently, on March 6, a notice of intent to appoint an Administrator (NOITA) was filed, and PKF Smith Cooper was engaged to assist in implementing the accelerated merger and acquisition process.
The company faced challenges during this process and unfortunately failed despite efforts to secure the company's sales.
Last Thursday (April 10th), PKF Smith Coopers Dean Nelson and Emily Oliver were appointed co-managers of the company following the director's submission of Noita.
A PKF spokesperson said: “The managers are disappointed by the outcome of not ensuring the sale of their businesses and assets as a continuous concern and would like to thank our employees for their efforts and understanding during this challenging process.”
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