Sun, 10 Mar 2013 | ADMINISTRATION
Taps, the domestic plumbing merchant based in the North east of England, has been forced into administration.
The firm is part of the Thompson Group of Companies, which also owns Thompson Building Centres, a subsidiary that has already had the administrators appointed. KPMG were called in as insolvency practitioners soon after the presentation of a winding-up petition by HM Customs & Excise.
KPMG are also handling the insolvency process for Taps, and have announced that Howard Smith, Paul Flint and Mark Firmin are being appointed as joint administrators.
As well as servicing the domestic plumbing and heating market, Taps supplies designer bathrooms. The firm has eight branches at Newcastle, Birtley, Southwick, Gateshead, South Shields, Durham, Hendon and York.
All the outlets were closed on 8th March as the administrators were assessing the business with the assistance of the twenty staff.
Mark Firmin said that the tough trading conditions and cash flow pressures that were affecting Thompson Building Centres had also applied to Taps.
Anne Ganley, the MD and daughter of founder Albert Ganley, vowed to keep fighting for Thompsons to remain a going concern and to safeguard jobs.
However two sites are believed to have already been closed and the administrators are actively seeking buyers for the branches, either as a group or singly.
__________________________________________________________
See: Plumbing businesses currently listed for sale
This established company, with a loyal client base and a solid management team, is positioned for growth through proactive marketing strategies and boasts a strong project pipeline.
This company offers a unique opportunity in the precision machining and assembly sector, boasting strong relationships with blue-chip clients across various industries, including electric vehicles and aerospace. Its experienced team and state-of-the-...
This business, with a strong reputation and quality certifications, offers an attractive opportunity for industry players seeking to expand their client base and service offerings in the environmental and flood protection sector. Offered for sale to...
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.