FRP ADVISORY administrators have been called to corporate furniture and storage supplier Triumph Furniture.
Nigel Hamilton-Smith (pictured), Geoff Rowley and Charles Turner, partners at FRP Advisory, were appointed joint administrators on 11 March.
The administrators made 110 staff redundant, out of 300, on appointment.
Hamilton-Smith said: “A large proportion of Triumph’s customer base is from the public sector, including a number of government departments and more than 60 local authorities.
“The company has a fixed cost base that includes nearly 300 staff and two factory sites that cover a total of 300,000 sq. ft. Taking these overheads into account, it faced mounting losses as its public sector customers reduced their budgets and private businesses continued to spend less than before the recession.
As a result, the administrators have, regrettably, had to immediately make 110 staff redundant from across the business.”
Based in South Wales, Triumph is a family-owned company with 296 full-time staff. Founded some 60 years ago, it operates from two factory sites in Merthyr Tydfil and Tredegar. The joint administrators will continue to trade the business as a going-concern, while seeking a buyer for the company.
A spokeswoman for FRP Advisory confirmed there were fewer than 90 redundancies on appoitment.
The administrators reported a “worst case scenario”.
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