Mon, 02 Jul 2012 | ADMINISTRATION
The Sella Furniture Group has entered administration following insurmountable financial problems.
Headquartered in Bury, Lancashire and with a factory in Dundee, Sella produced several ranges of office furniture including desks, storage and seating products. It also offered a planning service to map out customer requirements for new office suites.
However, both facilities have now been shut down with immediate effect by Manchester-based corporate insolvency experts Bridgestones, who are overseeing the administration process.
Robert Cooksey, Bridgestones' managing partner, has said that a buyer is currently being sought for the business. A statement seen by The Courier read: “Robert Cooksey and Jonathan Lord were appointed joint administrators of Sella Office Furniture and Seating Limited on 27 June 2012, by the debenture holder Equip4Work Ltd. We are currently exploring all options with regards to the sale or disposal of the business.”
Francis Duffy, director of the firm, has reportedly signed off unaudited abbreviated accounts for the firm showing a loss of £206,558 for the trading period ending 31 August 2011. Meanwhile, total assets less current liabilities were £186,462, although accounts noted a debenture dated 21 March 2011 to the sum of £338,020, which was said to “fall due” after more than a year and meant that overall net liabilities for the company in the red stood at around £151,000.
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