Ross Connock and Matthew Hammond have been appointed as joint administrators of Woodberry Bros & Haines Limited.
The company manufactures furniture for national and independent retailers from its premises in Highbridge, Somerset, and was a large local employer, employing 175 staff. Its turnover was £10m.
The company has recently experienced financial difficulties, and has not been successful in finding a buyer or new investment for the business. Late last week a trade supplier issued a winding up petition, accelerating the crisis.
As a result of this, the directors had no alternative but to seek the protection of an administration.
Ross Connock, joint administrator and director at PwC, says: "Over recent years, the business has seen its turnover reduce and was in need of restructuring, but lacked the investment to do so. The operations are well located with a strong employee, customer and supplier base but regrettably the current position of the company is such that we have had to make the immediate decision to cease operations which has resulted in the redundancy of the majority of employees.
“Our immediate priority is to work alongside the remaining employees and assess the options available that could preserve and protect the company’s assets. This will involve discussions with a number of key stakeholders and interested parties."
