Crown Wood closes permanently

Essex-based kitchen cabinetmaker Crown Wood has ceased trading.

The company entered administration on March 16, 2017, with Tony Wright and Philip Watkins of FRP Advisory appointed joint administrators.

The administrators confirmed that payments had recently been finalised to creditors, which included companies such as Miele, Fisher and Paykel, East Coast Fittings and Häfele, and that in the coming weeks the company would be dissolved.

Administrator documents revealed that at the point of entering administration the company owed a total of £159,209.28 to creditors, which included a sum of £1,725 to Fisher and Paykel, £1,512.34 to Häfele and £1,144.51 to Miele. A total of £7,875.07 has been paid to unsecured creditors.

The bespoke kitchen and cabinet company transferred from Crown Wood Products to Crown Wood in October 2010, and had been trading since the mid-1980s.

The business had 25 staff with a turnover of around £2 million over the past two years.

In 2015, it came under financial pressure due to reduced order volumes, which led to creditor pressure from HMRC. It sought advice from FRP Advisory, which helped the business to agree a formal Time to Pay Agreement (TTP).

However, the business saw losses again due to reduced order volumes in the first half of 2017, which led to an increase in debt.

In February 2017 the director submitted a Notice of Intention to Appoint an Administrator to the High Court of Justice.

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