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.
This unique and renowned freehold bar and restaurant in the heart of York City Centre offers over 250 covers across its spacious interior, pavement seating, and a rare rooftop terrace.
FREEHOLD
A well established and strongly profitable engineering business, located in the Midlands. The company will be an attractive acquisition for both a larger trade buyer and also those looking for a stable engineering business.
This European pharmacy manufacturer specialises in providing custom clinical trial batches for leading pharmacy companies across the continent, playing a crucial role in their R&D efforts.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.