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.”
Public opinion is split over whether Brexit will harm or improve the UK accountancy sector
The Financial Reporting Council has launched an investigation into the conduct of the Big Four firm in relation to its audit of BHS
Colin sums up some people's attitude towards the result of the EU referendum using just two cups
Head of editorial Kevin Reed discusses the result of the EU referendum, and explores it means for accountants