Fri, 17 Oct 2014 | ADMINISTRATION
Shetland-based joinery firm T&N Joinery Ltd is to continue trading while a buyer is sought for the business and assets, while in administration.
Administrators from BDO were appointed to the joinery business on Tuesday this week – 14th October – after it had encountered cash flow difficulties.
Services offered by the company, which has a “strong reputation for craftsmanship” the administrators say, include windows, conservatories, stairs, roofing, and services fitting, installation and general contracting.
Joint administrator James Stephen said that its present situation aside, “it has a reputation for quality, a strong order book and good prospects”.
He added: “As joint administrators, we will do all we can to keep the company trading as a going concern.”
They are particularly interested in receiving expressions of interest from buyers, and will aim to hold back on making staff redundant while the situation is assessed.
T&N Joinery is operated from its site in the Blackhill Industrial Estate and has 60 staff involved in crafts, fitting and operations.
Its accounts for the year to 30 June 2013 reveal a series of debts and overdue amounts including bank loans and overdrafts falling due after more than one year having risen to £1.6 million, an increase from £719,455 in the previous year.
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Related information:
T&N Joinery Ltd - contact the administrator
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