Partners Rod Butcher and Nigel Price have had to make half of the work force redundant at the carpet and rug company which crashed with £800,000 worth of debts.
Directors Peter and Marjorie Hardiman were granted administration order Monday in the High Court in Birmingham and blame cheap foreign imports and ‘bad debts’ for the demise in their business.
The administrators and are running the business as a going concern and seeking a buyer.
Butcher explained: ‘The company, which has been trading for about 15 years, previously supplied only the wholesale sector but began selling direct to the retail trade in an effort to turn the business around.
‘However, turnover continued to decline and, combined with a number of bad debts owed to the company, it ran further and further into the red.’
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children