Administration for Corndell after it runs out of cash and credit
Established furniture supplier Corndell Furniture has been put into administration after it ran out of money.
Some 38 of the firm's 112 staff have been made redundant by administrators FRP Advisory as it looks to find a buyer.
'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,' says Geoffrey Rowley, joint-administrator and FRP Advisory partner.
'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.'