Fri, 08 Mar 2024 | BUSINESS SALE
Longpre Furniture Limited, a furniture maker based in Somerset, has been acquired out of administration in a deal that secures 50 jobs. The company fell into administration as a result of financial losses on contracts, as well as rising prices for utility costs and raw materials.
Neil Vinnicombe and Paul Wood, from business recovery firm Begbies Traynor’s Bath office, were appointed as joint administrators at the company and completed a sale of the business and its assets to Longpre Limited.
Longpre Furniture was founded in 1990 by master cabinet maker Paul Longpre and designer Helen Moyers. The company, which was based in the town of Bruton, had a team of skilled craftsmen producing handcrafted furniture for an international portfolio and clients. The company designed and crafted free-standing and fitted furniture for both residential and commercial settings.
Commenting on the company’s collapse and subsequent sale, joint administrator Neil Vinnicombe, partner at Begbies Traynor in Bath, said: “The financial situation Longpre Furniture Ltd faced has made it a very challenging time for the business, so we are delighted to be able to secure the future of these jobs.”
"The losses had a significant adverse effect on cashflow, and this coupled with general economic and market uncertainty resulted in a lack of confidence that trading forecasts could be achieved, so the sale of the business injects a new confidence now we have found a way forward.”
In its most recent accounts at Companies House, for the year to September 30 2022, the company’s current assets were valued at £2.6 million, with liabilities meaning that its net assets amounted to slightly under £300,000.
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