Sat, 12 Jan 2019 | ADMINISTRATION
Godfrey Syrett, which describes itself as a “true British furniture manufacturer”, has gone into administration.
Administrators from KPMG have been nominated to assist with the administration process. Meanwhile, the decision has been made to cease trading while the position of the firm is being reviewed and the sale of the business explored.
In 2017, the business generated £29.5 million in turnover but made an operating loss of £771,413. There were hopes the company would survive after it was bought by Dolbia Ltd in September last year, but the company's struggles became real a few months later and a proposal to close its manufacturing base was put forward by management.
At the time, a statement issued by the firm said: “The management team at Godfrey Syrett has been exploring different options to secure the future of the business and the high quality services it provides to its customers. However, significant changes are required if the business is to survive and prosper in the future.
“I can confirm that we have entered a consultation process with employees at the Langley Moor site but cannot comment for legal reasons.”
In 2016, the firm opened a distribution centre in Belmont and also invested £850,000 in a new fleet of delivery vehicles.
James Lumb, joint administrator and director at KPMG, said: "Challenging trading conditions in the bespoke furniture sector, coupled with severe cashflow difficulties, have proved unsustainable for the business and led to the administration."
Godfrey Syrett operated three sites across the UK, namely headquarters in Killingworth, a manufacturing arm in Langley Moor, County Durham, and a logistics centre in Belmont.
For more news stories about administrations click here. For all our administrations listings, click here.
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