South Wales furniture maker collapses into administration

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.


Share this article



Latest Businesses for Sale

Manufacturer of Trenching & Drainage Equipment
UK Wide

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.

Asking Price: Offers Invited
Turnover: £2,160,430

FREEHOLD


Speciality Chemicals Manufacturer, Agent & Distributor
UK Wide

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...

Asking Price: Offers Invited
Turnover: £1,000,000

LEASEHOLD


Manufacturer & Retailer of Textiles
UK Wide

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.

Asking Price: Offers Invited
Turnover: £500,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
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 ...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
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...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources