Fri, 17 Feb 2012 | ADMINISTRATION
The assets of Oakworth Joinery are for sale after its administrators failed to secure a buyer.
We reported earlier this month that the Keighley-based window and door manufacturer entered administration, after its owners failed in their own attempt to find a buyer.
Oakworth Joinery had been unable to agree trading terms with a large client who accounted for almost 75 per cent of the firm’s orders. It had also suffered from losing cash and falling orders for some months before entering administration.
John Russell and Chris White of The P&A Partnership set about searching for a new owner for the business, which was - with 170 staff - the second largest employer in Keighley, West Yorkshire, but were unsuccessful.
Asset valuation expert Charterfields has now been drafted in to oversee the sale of the firm’s assets.
The assets for sale comprise various woodworking, plant and equipment, to include a new, recently installed paint plant, and a range of stocks, consumables and product designs.
Director of Charterfields, David Smith commented on the situation to The Star, “It is sad to see the closure of a long-established firm like Oakworth and the loss of so many jobs. The task now is to co-ordinate an orderly closure and realisation of the assets, for the benefit of the creditors.”
Click here to access the contact details for the sellers of Oakworth Joinery.
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