Just one week after entering administration, Triumph Furniture Company has been rescued by its own management team.
The management buy-out deal has secured over 200 jobs at the Welsh corporate furniture and storage business.
The business was placed into the hands of administrators Nigel Hamilton-Smith, Charles Turner and Geoff Rowley at FRP Advisory after it suffered badly from a lack of orders from the public sector.
The administrators had been trading the business while considering the several expressions of interest received. While being pleased at the level of interest shown, the administrators said it was “crucial to identify a suitable buyer to safeguard the company’s future”.
Mr Hamilton-Smith commented on the deal: “Often the best offer in these cases comes from the incumbent management team – they see the greatest potential and value in the business, and where the financial challenges have been down to external forces, are best suited to take the company forward.”
Triumph boss Andrew Jackson said the company needed to “make sure we have the right product range at the right price for today’s business; and the opportunity to do what we’ve always done well: offer the trade new ideas which can bolster the work of all our dealers in difficult times.”
Products sold by Triumph include desks, chairs, workstations, accommodation furniture and storage.
