Specialist business advisory firm FRP Advisory has said that “difficult trading conditions” and a “downturn in demand” led to Multiwood’s administration, which was first reported this week.
FRP Advisory’s Simon Farr and Anthony Collier were appointed as joint administrators of the company last week, on January 9. Rumours about the company’s administration have swirled for several weeks, but were addressed by Multiwood’s national sales manager on Monday, January 13.
Multiwood, a family-run business, has crafted bespoke kitchen doors and accessories for customers across the UK for over 30 years, and operating out of its manufacturing facility in the North West of England.
The Company employed a workforce of 35 employees, but FRP has confirmed Multiwood has now officially ceased to trade. Administrators also said they are supporting redundant employees with applications to the redundancy payments service.
Simon Farr, partner at FRP Advisory commented: “Multiwood Products has been a trusted supplier in the sector for three decades. Unfortunately, due to the challenging trading conditions prevalent in the industry, most notably a downturn in demand, the business has been unable to meet its financial obligations and has therefore ceased operations.
“Our focus now is on supporting the affected employees with their claims to the Redundancy Payments Service and winding down the affairs of the business.”
FRP Advisory also said that it is interested in speaking with parties looking to purchase excess stock from Multiwood, who should contact [email protected].
