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.
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