Thu, 16 Dec 2010 | ADMINISTRATION
Newport-based furniture company Classic Furniture Ltd is set for a rapid growth phase after acquiring the assets of CS Contract Furniture following its administration.
Design-led manufacturer CS Contract Furniture supplied furniture to the leisure and hotel market from its base in Whitchurch, North Shropshire. It had been suffering cash flow problems for a while following a downturn in trading within the construction and tourism sectors and called in the administrators at the end of last week.
The business assets belonging to the firm have been taken over by Classic Furniture Ltd, saving 46 out of a total 78 jobs. Following the acquisition, the company will continue to operate from its existing Whitchurch location, but under a different name.
Senior manager of Walsall-based Griffin and King Ltd, Richard Owen, who has been called in as administrator, confirmed, “CS Contract Furniture went into administration on Friday.
“Classic Furniture has bought the business assets, but do not own the whole company. The business will operate under a different name from the same site, but its operations will not be changed.
“The fact that these two have combined operations mean it is thought that it will become one of the largest furniture suppliers in the country," he added.
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