JP Distribution will close and all 57 staff made redundant after administrators confirmed that they have failed to find a buyer for the beleaguered business.
The West Yorkshire-based company entered administration on July 1 after a management buy-out lead by managing director Graham Bucktrout collapsed. Kbbreview understands that financial backing was pulled when the market fell away at the start of lockdown.
Administrators Graham Newton and Simon Girling from BDO LLP will now break the company up to repay creditors – including stock that kbbreview understands is worth around £800,000.
Graham Newton said: “As joint administrators, we are taking all necessary steps to maximise value for the benefit of all creditors. In these extremely difficult market conditions, it has not been possible to secure a buyer for the business and the joint administrators therefore had to make the difficult decision to make employees redundant. We will work to ensure that all employees receive the support they need in these difficult times.”
JP Distribution was founded 40 years ago by John Beckingham and Peter Bence. When Peter Bence retired, the company remained in the hands of the Beckingham family.
Contact details for employees and creditors are found at the JP Distribution website