Wed, 12 Jan 2022 | ADMINISTRATION
Scottish shop fitting business Chas Smith Group has fallen into administration, with its collapse being attributed to the impact of the COVID-19 pandemic, as well as rising costs for labour and raw materials. Administrators from FRP Advisory are now exploring sale options for the business and assets, either in whole or in part.
Chas Smith Group was founded in 1921 and specialised in the design and installation of high-end interior fit-outs. The company primarily worked on car showrooms, but also provided retail, office and domestic residence interiors.
Its services included design and manufacturing of bespoke joinery and furniture for interiors, as well as project management. Working across the UK and in mainland Europe from leasehold premises in Kirkintilloch, Glasgow and Hoddesdon, North London, the company's clients included Toyota, Jaguar, Store 21 and the West Cornwall Pasty Co. It
Commenting on the company’s administration, joint administrator Michelle Elliot of FRP Advisory said: “The business has unfortunately been severely affected by the pandemic, with a number of projects cancelled or suspended, coupled with increased labour and raw material costs.”
“These challenges have resulted in significant cash flow difficulties - despite every effort by its directors to keep the business trading, the severe financial problems meant the company was not viable.”
“We will be working closely with the Redundancy Payments Service and other agencies to minimise the impact on the staff. We are also exploring a sale of the business and assets, either in whole or in part as quickly as possible.”
Chas Smith Group’s most recent accounts, for the year ending May 31 2020, show £110,024 in fixed assets and over £4.5 million in current assets. After liabilities, the company’s net assets at the time were valued at £390,755.
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