Published on 24 - January - 2011
Johnson & Johnson Furniture in administration50 employees made redundant, as bespoke furniture manufacturer blames tough trading and advance creditor payments for its collapse.
Steven Muncaster and Sarah Bell of MCR were appointed administrators of the company on January 17 by the directors.
Around 50 of the family-run firm's 70-strong workforce have been made redundant following MCR's appointment.
Johnson & Johnson, which was established in the 1960s, entered into a Company Voluntary Arrangement (CVA) with its creditors in 2009. According to the firm, following the CVA, many of its creditors insisted on pro forma payments, placing its cashflow under "severe strain".
A downturn in trading conditions in 2010 was said to further exasperate Johnson & Johnson's difficulties, which resulted in the firm defaulting on its obligations under the terms of the CVA.
Johnson & Johnson retails high-end bespoke kitchens, as well as bedroom, home office, media room and open-plan living furniture solutions. It currently operates from a 50,000sq ft showroom in Trafford Park, Manchester.
Any parties interested in acquiring the business are asked to contact David Osborne at MCR as a matter of urgency at email@example.com
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