A bumper £8.3 million dividend payment was agreed before a decision was taken to close Stevens, which operated in Angus for more than 50 years.
Brechin blinds manufacturer Stevens Scotland Ltd officially closed on December 31.
More than 50 workers lost their jobs, with their employment terminated five days before Christmas.
Stevens was established in 1968 and grew to become a premier UK supplier of internal window blinds.
The company boasted market-leading performance and invested heavily in state-of-the-art equipment.
It opened a 66,000 sq ft split-level factory at Denburn Way around 2000.
Dutch-based industry giant Hunter Douglas bought the firm in 2015. It has never commented publicly on closing the Angus factory other than to say it is an “internal matter”.
However, newly published company accounts for Stevens explain the reasons for the closure for the first time – as well as revealing the multi-million-pound dividend payment.
Reasons for closing Angus firm Stevens
A report signed on behalf of the board by director Chris Simpson at the start of December sets out the reasons for the closure.
He said: “In recent years the company has seen a decline in sales volumes attributed to the downturn in the UK economy with cost of living pressures reducing consumers’ spending on their homes.
“During 2024 the company objectives have been focused on stabilising operations, identifying core strengths and creating a roadmap for future profitable growth.
“This includes continuing to seek operational efficiencies within sourcing, manufacturing and central support services in order to streamline business processes and improve customer service.
“Following a review of the UK group’s made-to-measure operations, Hunter Douglas, the company’s parent undertaking, announced the intention to transfer the Stevens made to measure sales and manufacturing volume into another of the group’s UK businesses.
“This will result in the company ceasing to trade on December 31 2024.”
However, the company accounts, which cover the financial year to December 31 2023 showed it remained profitable.
Turnover for the 2023 financial year was £8.1m, a reduction from £9.2m in 2022. Pre-tax profits increased to £1.2m from £1.1m in 2022.
Mr Simpson adds: “Trading conditions during the year were challenging. This is reflected in the downturn in sales revenue.
“However, stronger gross margins and higher interest income resulted in profit before taxation being slightly ahead of 2022.”
During the financial year the business employed an average of 79 staff, 15 fewer than in 2022.
Dividend payment
The accounts also show that a dividend payment of £8,324,000 was paid during the 2023 financial year. All of the company’s shares are owned by Hunter Douglas UK Trade Ltd.
Shareholder funds of just under £1m remained in the business, though there was just £6,000 cash in the bank.
The accounts add: “The directors intend for the company to settle its remaining assets and liabilities in an orderly fashion and, in due course, dissolve the company.
“All liabilities will be settled in full.”
Staff were told the future of the factory was under review in September. A member of staff told The Courier in October there was no option to transfer to the group’s other factories.
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