Wed, 09 Oct 2019 | ADMINISTRATION
Thought to be one of the top furniture manufacturers in the country, Triumph Furniture Limited has fallen into administration after citing a significant loss in sales as the reason for its downfall.
Insolvency specialists at Begbies Traynor were called in to handle the administration process, with partners Huw Powell, Paul Wood and insolvency director Katrina Orum appointed as joint administrators.
Founded in 1946, Triumph Furniture has two sites in South Wales – in Merthyr Tydfil and Dowlais – to supply furniture to central government buildings and a network of over 600 office furniture resellers.
The family-run business, however, was forced to go into administration after it failed to lower its operating overheads in light of a dramatic fall in sales over the last 10 weeks.
The company’s most recent financial accounts showed a loss of £342,000 in the year ending June 2018, which contrasts the profit of £66,000 in the previous year. A report to go alongside the accounts suggested that this was a result of a number of contracts being delayed, which consequently impacted sales and revenues.
CEO of Triumph Furniture, Andrew Jackson, said: “The business has suffered a rapid and catastrophic collapse in orders since the middle of July, which has been impossible to recover from, despite every effort.”
Although Jackson noted that the business could have been profitable in the long run, the uncertainty surrounding Brexit meant that trading conditions in the UK could be further impacted for the worse.
Huw Powell, one of the joint administrators, remarked: “Attempts were made to secure major customer backing and additional funding to support a restructure or to sell the business as a going concern but due to the speed at which order levels reduced, these efforts ultimately proved unsuccessful before funding ran out.”
The administrators are inviting offers from potential buyers to register their interests immediately.
Operates globally, with circa 66% of customers based outside the UK. Long-standing relationships with customers in the agricultural, leisure and civil engineering sectors, with some spanning up to 30 years. Retirement sale. Offers invited.
FREEHOLD
The business is a long established manufacturer, agent and distributor of speciality chemicals, largely plasticisers and dispersions (catalyst pastes) used mainly in the sealants, adhesives, plastics and coatings sectors for the UK and international...
LEASEHOLD
This long established company is a second generation family business specialising in the design, manufacture, installation and retailing of blinds, fabrics and wallpapers. Offers invited.
LEASEHOLD
|
14
|
|
Jul
|
Huddersfield retail park acquired out of administration | COMMERCIAL PROPERTY
Huddersfield’s Gallagher Retail Park has been acquired...
|
14
|
|
Jul
|
Directors of distressed companies get more breathing space | BUSINESS NEWS
The temporary suspension of wrongful trading provisions intr...
|
13
|
|
Jul
|
Yorkshire retailer Peter Jones enters administration | ADMINISTRATION
Well-known Wakefield-based retailer Peter Jones has entered ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
18
|
|
Jun
|
Hotel chain Suite Hospitality enters administration | ADMINISTRATION
Suite Hospitality, which operates hotels in Exeter, Windsor ...
|
27
|
|
Apr
|
Lincs Lifts seeks buyer after appointing administrators | ADMINISTRATION
Scunthorpe-based powered access hire business Lincs Lifts is...
|
03
|
|
Apr
|
Benito’s Hat to continue trading despite entering administration | ADMINISTRATION
Fast-casual Mexican food chain Benito’s Hat has entere...
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