Mon, 21 Jul 2014 | BUSINESS SALE
Corndell Furniture Company has been bought out of administration, with more than 80 jobs being saved as a result.
The Whitney-based manufacturer, importer and distributor of furniture entered administration last month as a result of longstanding financial difficulties. Administrators from the specialist restructuring and advisory firm FRP Advisory have now confirmed that the business has been sold to Corndell Quality Furniture, a newly formed holding company.
FRP Advisory added that 84 members of staff have retained their jobs while 31 employees were made redundant, fewer than had first been anticipated. The administrators say that they spoke with over 30 interested parties in the weeks since they were appointed.
Corndell Furniture Company, whose furniture is available in more than 700 stores across the UK, called in the administrators on 24 June 2014. It had reportedly been facing financial pressure for some time and it eventually exhausted its capital and credit line.
Steve Jackson, director at Corndell Quality, said: "The past two weeks have been challenging but thanks to our loyal staff and supportive retail partners we continue to trade as normal, fulfilling our strong order book.
"Under new ownership we now have the financial strength and stability to build a stronger and more profitable business. With over 30 years’ experience in the furniture industry Corndell can continue to provide high quality products built on great craftsmanship for its wide range of customers throughout the country."
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Related information:
Corndell Furniture Company enters administration
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