North East flooring firm suffer administration
High quality flooring and fitting services specialists New City Flooring Ltd have entered administration, following reduced profit margins over a long period.
The Houghton-le-Spring based company had been trading since 1998, and now Baker Tilly Restructuring and Recovery LLP have been appointed as administrators.
Mark Ranson and Phil Pierce will work to preserve work in progress and recoup debtor balances, which is expected to be completed before Christmas.
New City Flooring had grown out of the domestic market and into commercial supply, most recently operating across the UK, with clients such as Barclays Bank, Lloyds TSB and Monsoon.
Mr Ranson, said: “It is a real shame that Directors of such an established company have had to make the decision that they are unable to continue trading.
“The issues faced by New City Flooring Ltd were further exasperated by the general economic climate and increasing competition and are unfortunately symptomatic of the pressures that businesses within this sector continue to experience.”
22 full, and part time staff, along with 16 sub-contractors had been employed at the firm, which now retains only eight to finish the outstanding contracts.
This was posted in Bdaily's Members' News section by Tom Keighley .
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