Mon, 14 Mar 2011 | ADMINISTRATION
A South Wales corporate furniture and storage specialist is to be put up for sale by its administrators.
Triumph Furniture Company, with sites in Merthyr Tydfil and Tredegar entered administration after a fall in demand from public sector organisations.
The firm is still trading while the administrators of FRP Advisory, Nigel Hamilton-Smith, Charles Turner and Geoff Rowley, focus on restructuring the business after making 110 of its 300-strong workforce redundant, before selling it.
Established in 1941, the firm has a London showroom, an office in Solihull and a base in Holland.
Joint administrator Mr Hamilton-Smith said, “The company has a fixed cost base that includes nearly 300 staff and two factory sites… Taking these overheads into account, it faced mounting losses as its public sector customers reduced their budgets and private businesses continued to spend less than before the recession.”
The administrators are confident of a sale for the business, which will also protect the remaining jobs at the two factories, which combined reach a total of 300,000 sq. ft.
For the year to 03 May 2009 its recorded turnover was £23 million – a steady increase over the previous years - with pre-tax profits of £663,000.
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