A provider of 3D design and display solution, is expected to enter administration in “the next few days”.
Fuzzwire Limited, which decorated a number of UK shopping centres, had “suffered over the past few weeks from a sharp deterioration in its financial position.”
As a result of the “unsustainable pressure on the company’s cash flow,” Fuzzwire contacted FRP Advisory to oversee the administration.
All 109 staff have been made redundant after an inability to attract external investment or sell the business as a going concern.
Andrew Sheridan, partner at FRP Advisory, said: “All of Fuzzwire’s contracts with shopping centre owners around the UK relating to the installation and removal of Christmas decorations have been assigned to MK Illumination Ltd, a UK-based design and display company.
“The assignment of Fuzzwire’s UK contracts was made in order to safeguard the sound management of the Christmas decorations already in place and to ensure a smooth operational framework is in place to allow for their removal seamlessly to timetable in the new year and to ensure there is a continuing relationship for reinstallation of decorations at a range of shopping malls at future seasonal periods in 2014 and beyond.
“It is anticipated that the assignment of Fuzzwire’s contracts to new owners MK Illumination will create job opportunities with the company in the near term.
“The company is expected to enter administration within the next few days with advisors from FRP Advisory on stand-by to assist the company in the interest of all creditors and stakeholders.”