Thu, 26 Jun 2014 | ADMINISTRATION
Corndell Furniture Company Ltd has entered administration with a sale of the business now being sought.
The Whitney-headquartered firm manufactures, imports and distributes furniture. It has faced longstanding financial difficulties, which eventually led to Geoff Rowley and Jason Baker of the specialist restructuring and advisory firm FRP Advisory being appointed as joint administrators.
Corndell’s furniture is available in more than 700 outlets across the UK and Ireland, including a number of major high street retailers as well as over 120 independent furniture retailers. With a strong order book, the company will continue to trade as normal while the administrators look to sell the business to secure its long-term future.
The company had reportedly been facing financial pressure for some time and it eventually exhausted its capital and credit line. When FRP Advisory was called in Corndell employed 112 staff, 74 of these have been retained while 38 staff have been made redundant.
Geoff Rowley, joint administrator and partner at FRP Advisory, said: “Corndell has faced financial difficulty for a number of years and recent cash flow issues have finally prompted the need to seek the protection of administration. However, the business has a strong order book and it is therefore our intention to continue to trade the business and meet customer orders whilst we explore options for the sale of the business.
"Regrettably it has been necessary to make some redundancies in order to make ongoing trading viable. We have ensured that the staff made redundant have been provided with the necessary support to make timely claims from the Redundancy Payments Service.”
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Related information:
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