A family-owned Australian mattress manufacturer has collapsed into voluntary administration after 126 years in business in what has been described as a “sad day for the industry”.
Peter Lucas and Damien Lau, from P.A Lucas & Co, have been appointed joint administrators of A.H. Beard, according to a published notice.
The Daily Telegraph reports A.H. Beard chairman Garry Beard was in tears as he informed staff at the company’s southwestern Sydney factory on Tuesday that the company was being forced to restructure, leaving its future uncertain.
The family-owned Australian mattress manufacturer has collapsed into voluntary administration.
The move is being put down to a drop in discretionary household spending, rising manufacturing costs, and a shift towards cheaper imported mattresses.
