Thu, 03 Jul 2014 | ADMINISTRATION
Furniture maker Woodberry Bros & Haines has been placed into administration following financial difficulties and failing to find a buyer or new investment.
Based on the Walrow Industrial Estate in Highbridge, Somerset, the £10 million turnover business specialised in manufacturing furniture for British retailers and has been doing so since 1949.
Many of the 175 jobs have been lost after the administrators - Ross Connock and Matthew Hammond of PwC – had to halt operations at the business.
Late last week a trade supplier had issued a winding-up petition for the company, which led to the directors seeking administration to protect the business.
Mr Connock told Burnham-on-Sea.com: “Over recent years, the business has seen its turnover reduce and was in need of restructuring, but lacked the investment to do so.”
Despite its location and good employees, customers and suppliers, the administrators had to close the operations down straight away, with many jobs being lost.
“Our immediate priority is to work alongside the remaining employees and assess the options available that could preserve and protect the company’s assets,” he added.
The administrators expect to enter talks with the main shareholders and potential buyers as part of this process.
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