An Oxfordshire-based furniture manufacturer, importer and distributor has entered administration, resulting in 38 redundancies.
Corndell Furniture Company Ltd, which supplies furniture to over 700 outlets in the UK and Ireland, entered administration following a “prolonged period” of financial pressure.
The company exhausted both its working capital facilities and credit lines with key suppliers, leading the board to place the company into administration.
As a result, 38 of the company’s 112 staff have been made redundant. The remaining 74 staff have been retained to “meet customer demands”.
Geoffrey Rowley and Jason Baker of FRP Advisory were appointed as joint administrators to the company.
Rowley, partner at FRP Advisory, said: “We are focused on working with the company’s customers and suppliers as well as engaging with interested parties.
“Corndell has faced financial difficulty for a number of years and recent cash flow issues have finally prompted the need to seek the protection of administration. However, the business has a strong order book and it is therefore our intention to continue to trade the business and meet customer orders whilst we explore options for the sale of the business.
“During the administration process we continue to trade the business and have retained a core staff of 74 employees in order to continue to meet our ongoing demand from a loyal customer base.
“Regrettably it has been necessary to make some redundancies in order to make ongoing trading viable. We have ensured that the staff made redundant have been provided with the necessary support to make timely claims from the Redundancy Payments Service.”