Mon, 17 Jan 2011 | ADMINISTRATION
Eurotek Office Furniture Ltd has been placed into administration with the loss of about 130 employees.
Eurotek was one of Bognor Regis’s strongest performing businesses and was also a prominent employer in the area.
The office furniture manufacturer had as many clients in the public sector as it did in the private sector. This proved to be the firm’s downfall, as joint administrator at PwC Stuart Maddison explained: “The company has suffered as a result of the ongoing economic challenges facing the public sector, which represented approximately half of its customer base.”
The fall in sales lead to cashflow problems. The directors, who felt they had no choice, then placed the business into administration.
The administrators are now seeking a buyer for the business, which is continuing to trade.
Established in 1986, the company makes, distributes and installs office furniture from its 80,000 sq. ft. headquarters and plant in Bognor Regis, West Sussex. Customers include banks, education establishments, high street shops, the Ministry of Defence, the NHS, as well as local and central government.
For the year to 31 March 2010, Eurotek Office Furniture Ltd reported pre-tax losses of £1.169 million on revenues of £9.7 million.
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