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
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
“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
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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