Thu, 22 Aug 2013 | ADMINISTRATION
Curtains and accessories retailer Montgomery Tomlinson has entered administration with trade ceasing immediately. The administration was confirmed on 20 August.
KPMG has been appointed the as administrator, with Will Wright, Paul Flint and Brian Green heading up the team.
It had been hoped that the firm would be able to find new investment or secure a sale of the business before it was necessary to stop trading. However, this has not proved to be the case and a total of 530 employees across the company have been made redundant, including workers in its retail and department store concessions and those working at its factory and warehouse facility in Bretton, Flintshire.
Now that trading has stopped, the administrators are working to recover finances for the firm's creditors, and a sale of Montgomery Tomlinson's assets is on the cards.
Mr Wright, joint administrator and a restructuring partner with KPMG, commented: “Despite the tireless efforts of the directors to secure a sale of, or investment in the business over the last four weeks, it has been impossible to find a workable solution to enable the company to continue to trade and they have made the difficult decision to appoint administrators.”
He added that the company had struggled to survive in an “increasingly competitive marketplace”.
Employees have been left disgruntled as the firm has insufficient funds to meet salary demands for August. The administrators are working to help employees make claims to the Redundancy Payments Office.
Contact the administrators here
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