Friday, 29 June 2012

Sella Furniture Group in administration

Sella Furniture Group, headquartered in Bury, Lancs but with a factory at Gourdie Industrial Estate, Dundee has gone into administration with Bridgestones as the administrators.  Thirty-three employees across the group sites have been made redundant.

As well as producing office furniture it also provided a planning service to map out customer requirements for new offices.

It is hoped that the business can be sold

A statement released by the administrators said: ''Robert Cooksey and Johnathan Lord were appointed joint administrators of Sella Office Furniture and Seating Limited on June 27, 2012, by the debenture holder Equip4Work Ltd.

The debenture holder has the power to appoint administrators.  See our page on fixed and floating charges for details.

The debenture related to a sum of £338,020 which was said to ''fall due'' after more than one year and meant overall net liabilities for the company in the red to the tune of £151,558.

Dundee West Joe FitzPatrick MSP said he would be raising the situation with enterprise minister Fergus Ewing as it appeared that the business was gaining orders but couldnt fulfill them as they were waiting for payments so a bit more flexibility should have saved the business.

Of course, we cannot comment without knowing more but the simple fact is that a secured lender can put a company down to ensure that it gets its money! 

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