Fri, 13 Feb 2015 | ADMINISTRATION
A historic furniture manufacturer in County Durham has fallen into administration and is seeking a buyer to secure its future in the industry.
NESS Contract Furniture Ltd is now under the control of administrators following difficult trading conditions. The firm, which manufactures and supplies bespoke furniture to the retail, fast food and public sectors, was founded in 1945 but purchased in June 2013 by private equity investors Benula Capital Limited.
The furniture firm employs 75 skilled staff and office workers at its factories in Croxdale, near Durham City, and Newton Aycliffe. A total of ten staff members have been retained while they seek a new buyer.
Robert Adamson and Tim Askham of Leeds-based accountancy firm Mazars were appointed joint administrators on 10 February and are now looking at alternatives, including a sale, to restore the business. They said that even though significant sales opportunities presented themselves in 2015, the company had suffered from difficult trading conditions as well as some one-off exceptional costs.
Adamson explained: "This is a very sad day for the North East business and the many people working there given the long history of the company. We will provide support to employees relating to potential redundancies.
"We are currently formulating a strategy in relation to the company and are considering trading the business while in administration, with a view to attempting to dispose of the business as a going concern. To that end, we would welcome approaches from commercial parties interested in acquiring the business or assets."
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Related information:
Contact the administrators
Latest manufacturing businesses for sale
Tips on turning around a business in administration
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