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 the 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 southwest Sydney factory on Tuesday that the company was being forced to restructure, leaving its future uncertain.