Administrators appointed to Meristem Holdings Ltd, The Furniture Factory Ltd and Space2 Ltd
David Crawshaw and Joff Pope of KPMG have been appointed joint administrators of Meristem Holdings Ltd, The Furniture Factory Ltd and Space2 Ltd.
The business, which trades primarily as The Furniture Factory, manufactures flat pack furniture and kitchens for a number of high street retailers. It had an annual turnover of £57m in 2007.
The group employs a total of 300 staff which includes 30 at its head office and distribution centre in Glastonbury. It has manufacturing facilities in three locations: Thornaby on Tees, Cleveland (130 employees); Redruth, Cornwall (120 employees); and Westbury, Wiltshire (20 employees); as well as warehouses throughout the UK.
Commenting on the appointment, David Crawshaw, partner at KPMG and joint administrator said: "The company has encountered trading difficulties and although the directors have tried to restructure the business to drive out costs, unfortunately they could not effect the change quickly enough in the current climate to save the business. We are now reviewing the options and are seeking a buyer for the business as a going concern.”
Restructuring 07 November 2008
-ENDS-
Further information:
Rachael Halliday, PR manager
Tel: 0117 905 4373
Mobile: 07747 102909
E mail: rachael.halliday@kpmg.co.uk
For enquiries related to buying the business, please contact Ian Corfield at KPMG on 0207 694 3166 or ian.corfield@kpmg.co.uk
About KPMG:
KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 144 countries and have more than 104,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss cooperative. KPMG International provides no client services.
KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
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