Wed, 05 Jun 2019 | ADMINISTRATION
A bathroom supplier has collapsed into administration after suffering a series of financial difficulties as a result of tough trading conditions.
Mayfair Brassware Limited, located in Sherburn in Elmet in the heart of North Yorkshire, was forced to call in administrators on 28 May 2019. Corporate restructuring specialists Begbies Traynor LLP have taken over the insolvency process, with partners Lee Lockwood and Julian Pitts appointed as joint administrators.
The wholesale supplier of a range of bathroom fittings, including taps and shower infrastructure, had been trading for more than 20 years and had six employees to its name.
However, in the last two years, an adverse exchange rate as a result of the Brexit referendum forced the business to suffer financially, unable to deflect a rise in costs onto its customers due to the competitive trading arena. In addition to this, Mayfair Brassware also endured bad debts and a decline in orders due to a general drop in construction activity.
The business endured a period of marketing to find a buyer but failed to secure a new owner in time. Thus, the business was no longer viable and placed in the hands of administrators.
In light of the administration, the company has been forced to cease its trading operations and hand over responsibility to Begbies Traynor LLP.
The administrators are presently working to realise the company’s assets – primarily stock and a freehold industrial unit located in Sherburn in Elmet – and are inviting potential buyers to express their interests immediately.
Click here to view the Mayfair Brassware Limited listing for full details.
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