FRP ADVISORY administrators have been called to Manchester-based furniture maker Olympia Furniture.
Accountancy Age understands that Ben Woolrych and David Thornhill, partners at FRP Advisory, were appointed joint administrators to Olympia today.
It currently employs about 135 staff. At the end of 2011, turnaround specialist SKG Capital bought the manufacturer after it reportedly lost client IKEA.
However, the company still has contracts to make sofas, suites and sofa beds for chains such as Argos, Tesco, Sainsbury's, Asda and Littlewoods.
Woolrych said: "We were engaged by the directors of Olympia Furniture to seek a sale of the business in order to maximise the position for creditors and the 135 employees.
"Unfortunately, however, it has not been possible to secure a sale to date and the company was placed into administration this afternoon. We are continuing to seek a buyer for the business and liaise with customers, aiming to safeguard the jobs of all remaining employees and the heritage of the company."
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.