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.
Company 1: High-end designers and makers of furniture and kitchens to both private individuals, and commercial clients. Fully bespoke and high value work. Company 2: A highly recognised brand, sheet materials cut to size, edge-banded and spray finish...
LEASEHOLD
Designs, manufactures and installs pontoons, access bridges and walkways for harbours, marinas and waterfronts across the UK and Europe. Provides a continually high standard of service, delivering robust, aesthetically pleasing and technically advanc...
FREEHOLD
A well-established, respected brand, recognised for technical expertise in providing height safety solutions. Acknowledged as an industry pioneer, developing some of the most original solutions. Built on a reputation for providing safe, high quality...
LEASEHOLD
|
03
|
|
Apr
|
Benito’s Hat to continue trading despite entering administration | ADMINISTRATION
Fast-casual Mexican food chain Benito’s Hat has entere...
|
02
|
|
Apr
|
Next puts headquarters and three warehouses up for sale | COMMERCIAL PROPERTY
Fashion retailer Next has put its head office and three ware...
|
01
|
|
Apr
|
Sheffield-based cafe chain falls into administration | ADMINISTRATION
Sheffield-based cafe chain Massarella Gelaterie Ltd has been...
Sign up to receive our acquisition alert emails to get your FREE guide
|
19
|
|
Mar
|
North East contractor enters administration | ADMINISTRATION
Newcastle-headquartered general building contractor P F Burr...
|
06
|
|
Mar
|
Major fashion label enters administration | ADMINISTRATION
East-London-based fashion label House of Holland has appoint...
|
04
|
|
Feb
|
Historic East Cumbria newspaper looking for buyer | ADMINISTRATION
The Cumberland & Westmoreland Herald, a 160-year-old East Cu...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources