Nigel Hamilton-Smith, Geoff Rowley and Charles Turner, partners at FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm, have been appointed Joint Administrators on 11 March 2011 to corporate furniture and storage supplier, The Triumph Furniture Company.
Based in Merthyr Tydfil, 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, whilst seeking a buyer for the company.
Commenting on the reasons for the administration, Nigel 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. Following cuts to their budgets, Triumph has experienced a lower than expected volume of sales from clients it had otherwise relied upon during the recession, when private sector spending fell.
“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. We are working closely with the management team, and the local Job Centre, to process redundancy claims as quickly as possible and assist redundant members of staff with their search for work.”
Triumph is an established brand, which is well-known for its expertise and customer service, and has worked with a significant number of large, private organisations, as well as government departments. The Joint Administrators are working with management to restructure the business to make it a viable trading concern.
Nigel continued: “Triumph has a valuable asset-base and a growing private sector market. We are very hopeful of selling the business and safeguarding the jobs of the remaining staff members.”
Interested parties should contact Stephen Beattie on T: 020 3005 4293 or via E: at stephen.beattie[.]frpadvisory.com.
Kate Macnamara, Grayling, T: +44(0)12 1265 2761, Mobile: +44(0)77 1422 2793, E: kate.macnamara[.]grayling.com.
About FRP Advisory
FRP Advisory LLP (frpadvisory.com) is focused on creating, preserving and recovering value for its clients.
The firm offers a comprehensive suite of services to the mid-market and financial community. These focus on enhancing the performance of businesses, as well as saving businesses in distress.
Services include: commercial & asset finance, corporate insolvency, restructuring, independent business reviews, interim management & placement services, personal insolvency & advisory, creditor services, insolvency investigation services and banking live-side support.
With 28 partners and 200 staff, FRP Advisory is one of the largest restructuring, recovery and insolvency firms in the UK, operating out of nine regions including: East Midlands, Eastern Region, Kent, London, North, Northern Home Counties, South West, Sussex and West Midlands.