KPMG ADMINISTRATORS have been called to custom curtain and accessories retailer Montgomery Tomlinson.
Upon appointment the administrators ceased trading and made all 530 employees redundant. The company entered administration after directors were unable to secure a buyer for the business.
Will Wright, Paul Flint and Brian Green, from KPMG, were appointed joint administrators of Montgomery Tomlinson.
The redundancies include 384 staff at concessions in department stores such as Debenhams and House of Fraser as well as those in the head office, stores, factory and warehouse facility. Salaries for August will not be paid due to insufficient funds.
On appointment they ceased trading and 530 employees across 123 department stores, retail concessions, factory and warehouse facility were made redundant. Salaries for August will not be paid due to insufficient funds.
Wright, said: “Despite the tireless efforts of the directors to secure a sale of, or investment in the business over the last four weeks, it has been impossible to find a workable solution to enable the company to continue to trade and they have made the difficult decision to appoint administrators.
“As a result of an increasingly competitive marketplace, a fall in sales left Montgomery Tomlinson critically short of cash and unable to meet its liabilities.”
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Peter Saville, Ryan Grant and Anne O’Keefe of AlixPartners will now become the supervisors of the CVA and monitor the implementation of the proposal