Wed, 07 Oct 2015 | ADMINISTRATION
A refurbishing company based in Stockport has entered administration after struggling with a sharp drop in trading conditions.
FT Finley worked with a number of local authorities and housing associations on refits and repairs for their housing stock.
However, the company had been faced with financial difficulties and severe cashflow pressure. After the withdrawal of interest by a potential purchaser last month, the directors were forced to call in the administrators.
David Thornhill and Russell Cash, partners with FRP Advisory, have been appointed administrators now and unfortunately concluded that the firm wouldn't be able to continue trading.
Mr Thornhill commented: “The closure of Finleys is a sad day for this long-established business, its hard-working loyal workforce and the wider Stockport economy.
“The social housing repair and maintenance market has been challenging for some time and Finleys regrettably is the latest firm to feel the squeeze.”
He added that the administrators will now be marketing for sale the remaining assets and focusing on delivering in the best interests of all creditors.
FT Finley was officially founded in 1976 and has focused its work on contracts for housing associations and providing refurbishments and maintenance contracts. The company has also delivered more niche services including eco-technologies, damp-proofing, asphalting and asbestos removal.
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