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Administration for Olympia

SKGJust over a year after it bought furniture manufacturer Olympia Furniture, SKG Capital has placed the company into administration.

Turnaround investor SKG, which also owned Walmsleys, acquired the business in November 2011 from German upholstery manufacturer Himolla Postermobel. Earlier the same year, Olympia lost a major Ikea contract. Olympia generated sales of approximately £25m in 2010, but revenues declined after the Ikea deal fell through.

Olympia has supplied retailers such as Argos, Tesco, Sainsbury's, Asda and Littlewoods.

The company is based in Ashton-under-Lyne near Manchester and has 135 employees. Olympia has appointed Ben Woolrych and David Thornhilll at FRP Advisory as administrators.