Fri, 13 Apr 2012 | ADMINISTRATION
Electrical product supplier Inman & Co (Electrical) has been taken into administration, after buckling under its cashflow problems.
Howard Smith, Mark Firmin and Paul Flint of KPMG have been brought in to manage the administration process. One of their first moves was to cut the staff numbers from 78 down to 15.
Sheffield-based Inman & Co sold a broad range of electricals from light bulbs to washing machines. A note on its website says the firm stopped trading on 5 April 2012, and that it is not taking any more orders or returns, and is not able to deliver any products.
There are still opportunities for interested buyers though. A statement from KPMG read: “The administrators believe that a going concern sale of the business is unlikely and have therefore made all staff redundant apart from 15 who have been retained in order to assist in an orderly wind down of the business."
“However, any parties interested in acquiring the business and assets of the company should contact the administrators directly”, it continued.
Inman & Co recorded sales of £19.8 million in March 2011 in its most recent set of accounts, with a post-tax loss of £1.4 million. It had recorded profits of £56,820 for the year before.
Interested parties can contact the administrators here.
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