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20 Jul 2010
KPMG administrators have been called in to sheet metal manufacturers Forge Dam, makers of shelving for public libraries up and down the country. Administrators made 19 immediate redundancies on their appointment.
The only director of the business placed it in administration and appointed Howard Smith and Mark Firmin from KPMG restructuring in Leeds as administrators.
The administrators reduced the workforce to 22 and closed the Stockton-on-Tees site.
Forge Dam trades as both Formtech Creative Engineering, AMA Displays and Intersign, with sites in Leeds and Dewsbury.
Partner and administrator Howard Smith said the company, which has an estimated annual turnover of £2.2m, has been experiencing "severe" cash flow problems.
"We intend to continue to trade the business in Leeds and Dewsbury in the short to medium term while we seek a buyer for the business and its assets," he said.
Further reading:
Alexandra plc collapses- PwC called in
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