Fri, 21 Jan 2011 | ADMINISTRATION
Administrators are now seeking a buyer for Manchester furniture manufacturer Johnson & Johnson Furniture after it was placed into administration having been hit by adverse trading conditions.
Steven Muncaster and Sarah Bell of MCR are the joint administrators to the family-run firm, which was established in the 1960s.
The majority of Johnson & Johnson’s staff have been made redundant, with the remaining 20 employees kept on to assist the administrators as they set about selling the business.
The Trafford Park-based business entered a CVA arrangement with its creditors in 2009, however many wanted proforma payments, which put pressure on its cashflow. When trading conditions worsened at the company it defaulted on the terms of the arrangement.
Johnson & Johnson Furniture makes, wholesales and retails high-end bespoke kitchens, home offices and bedroom furniture.
It recorded revenues of £11.53 million for the year to 30 September 2008, which nosedived to £4.79 million the subsequent year. For 2009 it also had pre-tax losses of £919,000.
For sale is a long-established tree surgery and arboricultural services business with an excellent reputation, serving both domestic and commercial sectors across Southern England, including the Home Counties and London.
An opportunity has arisen to acquire a mechanical engineering company specialising in the Water Industry. Benefitting from over 3 decades of trading, this business has built a solid and long standing client base comprised of prominent UK utility comp...
An opportunity has arisen to acquire a reputable IT support and development services provider with a UK-wide client base and a proven record for innovation and resilience in the constantly evolving IT sector. Throughout its 25+ year trading history,...
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.