113 redundancies at Wyvern Furniture as company collapses weeks before Christmas
More than 100 people have lost their jobs just weeks before Christmas due to the collapse of an upholstery firm.
Wyvern Furniture in Hartlebury, near Kidderminster, has gone into administration with 113 staff being made redundant as a result.
The company, based on the Hartlebury Trading Estate, has suffered major losses since coronavirus arrived in the UK last year and was shut during the first lockdown.
It also lost a key supply chain finance facility with the failure of Greensill Capital - the payment company that David Cameron advised for that collapsed earlier this year - and the number of orders and sales reduced across the summer.
Diana Frangou and Chris Lewis of RSM Restructuring Advisory were eventually appointed as joint administrators of Trade Business Limited, which trades as Wyvern Furniture, in October.
Trading was suspended as administrators attempted to find a suitable buyer for the business but none was found.
As a result trading has now permanently ceased and the administrators have sold the company's assets.
Mrs Frangou, a restructuring advisory partner at RSM and joint administrator, said: “The cashflow issues were such that following the lack of a buyer for the business the director had no alternative other than to place the company into administration.
“Regrettably, we have had to make the staff redundant, and our first priority is to assist them both with making their claims from the Redundancy Payments Office and offering general support and advice in these difficult circumstances.”
