Thu, 26 Jun 2014 | ADMINISTRATION
Corndell Furniture Company Ltd has entered administration with a sale of the business now being sought.
The Whitney-headquartered firm manufactures, imports and distributes furniture. It has faced longstanding financial difficulties, which eventually led to Geoff Rowley and Jason Baker of the specialist restructuring and advisory firm FRP Advisory being appointed as joint administrators.
Corndell’s furniture is available in more than 700 outlets across the UK and Ireland, including a number of major high street retailers as well as over 120 independent furniture retailers. With a strong order book, the company will continue to trade as normal while the administrators look to sell the business to secure its long-term future.
The company had reportedly been facing financial pressure for some time and it eventually exhausted its capital and credit line. When FRP Advisory was called in Corndell employed 112 staff, 74 of these have been retained while 38 staff have been made redundant.
Geoff Rowley, joint administrator and partner at FRP Advisory, said: “Corndell has faced financial difficulty for a number of years and recent cash flow issues have finally prompted the need to seek the protection of administration. However, the business has a strong order book and it is therefore our intention to continue to trade the business and meet customer orders whilst we explore options for the sale of the business.
"Regrettably it has been necessary to make some redundancies in order to make ongoing trading viable. We have ensured that the staff made redundant have been provided with the necessary support to make timely claims from the Redundancy Payments Service.”
______________________________________________________________________
Related information:
Contact the administrators
This well-established hotel for sale in Hereford presents a unique opportunity with its prime location close to the cathedral, offering 83 en-suite bedrooms and versatile dining and event facilities.
FREEHOLD
Located on the Island of Burray, just off mainland Orkney, once only accessible by boat, but now linked by the iconic causeways - the Churchill Barriers. The hotel itself has an imposing position overlooking the beach and Burray Harbour, with stunnin...
FREEHOLD
An established car dealership in Berkshire, positioned on a prominent main road, is now available for purchase, offering a prime opportunity for investment in a lucrative market.
LEASEHOLD
Looking for more businesses? Try our off-market tool.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.