Member Article

Tesco and Argos furniture supplier enters administration

Furniture makers Olympia Furniture, who supply the likes of Asda and Argos, have entered into administration.

The Ashton under Lyne business had suffered since the loss of a major customer, and despite restructuring, could not continue to operate in the current conditions.

Ben Woolrych and David Thornhill from FRP Advisory LLP have been appointed as administrators.

Mr Woolrych said: “We were engaged by the directors of Olympia Furniture to seek a sale of the business in order to maximise the position for creditors and the 135 employees.

“Unfortunately, however, it has not been possible to secure a sale to date and the company was placed into administration this afternoon. We are continuing to market the business for sale and liaise with customers whilst we assess the ability to continue trading within administration.”

This was posted in Bdaily's Members' News section by Tom Keighley .