Tue, 05 Feb 2013 | ADMINISTRATION
Olympia Furniture, which makes big-ticket furniture items such as sofas, suites and sofa beds, has entered administration.
The business has drafted in administrators from FRP Advisory LLP, who said Olympia had failed to recover from the cash flow difficulties caused by the loss of a large contract with Ikea.
The administrators’ task is to sell the business to bring back value for Olympia’s creditors and protect the positions of its 135 staff.
Administrator Ben Woolrych said: “We are continuing to market the business for sale and liaise with customers whilst we assess the ability to continue trading within administration.”
Turnaround firm SKG Capital had bought the firm in 2011 from German company Himolla Postermobel for an undisclosed sum, with the aim of bringing it back to prosperity. Having recently been hit by losing its business with Ikea, Olympia was then put through a restructuring process. It had a workforce of 230 at the time of the deal.
Olympia designs, manufactures and assembles its furniture from a factory in Ashton-under-Lyne, Tameside. Other household name customers have included Argos, Tesco, Sainsbury’s, Asda and Littlewoods.
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