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.
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