Mon, 10 Oct 2022 | ADMINISTRATION
A County Down-based manufacturer of climbing frames and other playground equipment has fallen into administration amid rising costs and supply chain difficulties. Michael Drumm of CavanaghKelly has been appointed as administrator to NI Retailers Ltd, which trades as NI Climbing Frames.
Drumm announced that the company’s production and operations would be temporarily suspended while the options available to the firm were assessed. Drumm added that an update would be issued to stakeholders within the next week.
In its most recent accounts, for the year ending January 31 2021, NI Retailers Ltd reported holding fixed assets valued at £1.2 million, with current assets of £940,618. At the time, the company’s net assets were valued at £701,560.
Commenting on the issues that had impacted the firm, company founder and owner Herman Manso said: “We set up this business in 2007 and throughout the 15-year history of the company we have never faced the economic challenges and difficulties that are with us today.”
“It is with deep regret that we have to make this decision. A combination of difficulties with supply chain, drastically increased operating costs and the current economic climate has led to us to appoint an Administrator.”
The company, which employs 21 staff, manufactures outdoor playground equipment for sale across the UK. The administration comes at a time when many manufacturing firms, the vast majority of which run highly energy-intensive operations, are grappling with the impact of soaring energy bills, despite the government having introduced a temporary energy price cap for businesses.
Rising energy bills have exacerbated existing issues that many firms were experiencing with supply chain delays, labour shortages and other cost increases.
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Established over 20 years; owned by current shareholders from inception. Excellent reputation in sector and high levels of client retention.
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