Thu, 26 Feb 2015 | ADMINISTRATION
A timber frame manufacturing firm based in Powys, Wales is seeking a new buyer after calling in administrators.
Frame Wise Limited, an established timber frame business that has been operating from its base in Presteigne for 18 years, has gone into administration following a spate of recent losses and bad debt. The news means that 40 of the firm's staff have been made redundant.
W John Kelly and Mark Malone from Begbies Traynor's Birmingham office have been appointed as joint administrators as of Tuesday 24 February.
A statement on the manufacturing company's website details that the directors of the award-winning business sought the protection of an administration order after the losses and debt left them struggling with cash-flow problems. It also revealed that upon appointment of administrators, trading had ceased.
The statement added: “However, the administrators believes it provides an ideal opportunity for an investor who could be interested in purchasing a well established award winning business that was well on the way to creating a 'heatless housing' concept.”
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