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EXCLUSIVE: European Appliance Company Placed Into Administration

EXCLUSIVE: European Appliance Company Placed Into Administration

Trading from Victoria as Think Appliances the Company has appointed Grant Thornton Australia as administrator, it is not known whether the Company will be allowed to continue trading.

Founded in London during 1992, Baumatic is available in more than 40 countries worldwide, including Australia through Appliances Online, The Good Guys and Masters. The brand offers ovens, cooktops, range hoods, microwaves, dishwashers, upright cookers, laundry, and small appliances, with a focus on modern European styling, innovative features and value for money.

David Dunkley and Robert Lewis are acting as the administrators investigating a trade sale of the business. 
A spokesman for Grant Thornton confirmed that Baumatic was in administration and that they were currently “in talks with interested parties”.
In its last accounts to March 2012 Baumatic Ltd declared a turnover of ?60.8 million and a profit of ?96,000.
Recently the company’s commercial director Andrew Lawson said “The market is a constantly moving picture. Baumatic has grown in the last five years by 60% and we’ve risen four places in ranking in the built-in sector during a time when the market has actually declined. Most of the retailers we speak to seem to have very stable businesses and the majority seem happy and optimistic at the moment. Business seems to be increasing and, as far as they’re concerned, they just have to work a bit harder for it.”
Lawson also revealed that both the built-in and side-by-side sectors had been performing well for Baumatic, fuelled by what he described as “positive signs from the housing sector”.
“Built-in is still growing, but we’ve also seen phenomenal growth in the side-by-side category over the last two years,” he said. “Kitchen appliances are very much linked to the housing cycle. When we feel good about how much our house is worth, we’re encouraged to invest in it to make it worth even more. When the value is decreasing we don’t feel like spending anything on it. There are positive reports in the market at the moment and things are moving in the right direction.”

Earlier this year, Baumatic partnered with Alno Kitchens for the opening of a new showroom in Melbourne.