Mon, 13 Feb 2012 | ADMINISTRATION
The assets of Stuarts Industrial Flooring Limited could be put up for sale, after the company fell into administration.
While administrators from Mark Orton and Andy McGill from KPMG are looking to wind down the business, its assets could prove attractive to similar businesses. Stuarts had been the country’s largest in-situ concrete flooring specialist and had been trading since 1840.
The administrators immediately made 102 workers redundant from the company when they were appointed, keeping on six staff to aid with the winding down process.
Mr Orton said that the company had been in a difficult position for some time and simply could not cope with the level of losses it was making or the funds needed to keep it trading.
“While this business has been historically profitable, the downturn in the construction industry has seen it generating significant trading losses over recent years,” he said. “In the current challenging economic conditions the business has no commercially viable future in its current form and as a result, we have taken the difficult decision to wind the business down with immediate effect.”
The company, which was based in Tamworth, Staffordshire, had a turnover of some £40 million and at its peak accounted for around a quarter of the country’s in-situ concrete flooring market.
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