Brexit blamed for administration of Mayfair Brassware

Mayfair Brassware has blamed an increase in exchange rates after the Brexit referendum for its decision to place the company into administration.

The Yorkshire-based wholesale supplier of taps, showers and fittings had been trading for more than 20 years and went into administration May 28.

Since the UK voted to leave the EU nearly three years ago, the company said it had seen an increase in prices because of the impact on exchange rates. Mayfair said that it had to absorb these extra costs, as it was unwilling pass them on to its customers if it was to remain competitive in this challenging economic environment.

Lee Lockwood and Julian Pitts of Begbies Traynor were appointed as joint administrators and will act as agents of the company.

The administrators said: “Unfortunately, over the past two years, the company suffered as a result of the adverse exchange rate following the Brexit referendum and it proved unable to pass on these costs to customers due to the competitive environment. In addition, there was a downturn in general construction activity, resulting in bad debts and falling orders.”

The company had been put up for sale, but a buyer could not be found, which resulted in the administration and six staff being made redundant.

Begbies Traynor added: “Despite a period of marketing, a buyer could not be found and as the business was no longer viable, it was placed into administration with all staff being made redundant. The joint administrators are now working to realise the company’s assets, principally stock and a freehold industrial unity in Sherburn in Elmet.”

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