Kitchen worktop supplier rescued from administration

Wolverhampton-based kitchen worktop supplier Precision Stone has been sold after entering administration.

Benjamin Wiles and Philip Dakin, both of Kroll Advisory Ltd, were appointed as joint administrators of bespoke kitchen surfaces manufacturer Precision Stone Limited on 19 February 2024.

Upon appointment, the company’s Wolverhampton site was immediately sold to Natural Stone Surfaces for an undisclosed sum, while the future of the other two sites in Warwick and Basingstoke remains unclear at this stage.

Following the acquisition, the company name will be changed to Precision Stone Surfaces to align with the purchaser, which operates a 175,000sqft manufacturing and storage facility based in Derbyshire. The move has saved around 40 jobs.

Commenting on the administration and acquisition, Kroll said that Precision “boasts a longstanding and esteemed” reputation and is “pleased” to secure its future.

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