More often than not, in the boot and shoe industry, it is the manufacturer of the cheapest goods who get into difficulties, but a Rushden firm which is engaged in the production of very high class boots and shoes has found itself up against the wall. Happily there is great hope that the firm will be set on its feet again.
A meeting of the creditors of Messrs. H. J. Tuffrey & Co., Ltd., boot and shoe manufacturers, Wentworth-road, Rushden, was held on Wednesday at the Grand Hotel, Leicester, when a statement of affairs was presented which showed liabilities amounting to £2,037 9s. 8d. against net assets expected to realise £1,134, or a deficiency of £903 9s. 8d. This was the position of affairs on Sept. 30th, 1926, and assets might have depreciated to some extent.
It was suggested that the company would pay the trade creditors 5s. in the £ in cash and the balance in three equal instalments at six, nine, and twelve months, the only alternative being voluntary liquidation. It is understood that creditors readily agreed to accept the arrangement for ultimately paying 20s. in the £, if the directors of the company would find some kind of guarantee. It was reported that the directors would probably be able to do this.
The meeting was called by Messrs. J. Stirling Brown & Co., 1A West George-street, Glasgow.
Mr. H. J. Tuffrey, who is a well known and respected local Quaker and a good supporter of the Adult School, used to run the business as a one-man show, but turned it into a limited liability company with the hope of development. The business, which has gone in for quality, craftsmanship, and finish, has been hard hit by the mass-production methods of its larger competitors. It is hoped that it will be able to adjust itself successfully to new conditions.