Streamlined Willmotts seeks the right partner

Speaking at the weekend's ABDO exhibition in Harrogate, managing director Richard Berrington said that there had been some dramatic cost cutting, including 57 redundancies, and a pension freeze, with a saving of &\#163;750,000. The company, which exports 40 per cent of its products, was at its healthiest in recent years. The sale of Willmott's US agents, a failed takeover and the strong pound had led to the administrators being called in. Mr Berrington added that there were now four offers on the table. There would be a creditors' meeting in three months, and if there was no buyer, the firm would be traded as a going concern. 'One way or another Willmotts will remain as a trading company, ideally with the right partner. Our suppliers have been unbelievably helpful and the orders are still coming in,' said Mr Berrington. 'It is one of the oldest companies in optics and it would be criminal to let it go,' he added. The company, which has a jewellery box business that accounts for 30 per cent of its work, has introduced new machinery to cut costs, and now has a staff of 101.