Jobs lost as West Yorkshire furniture maker ceases trading
Castleford furniture company YTM Group has stopped trading and made all 117 of its employees redundant.
The business fell into administration after strong competition and the loss of a major contract in December caused severe cashflow problems.
Lee Lockwood of Begbies Traynor and Ray Claughton from Rushtons were called in as joint administrators when YTM went under.
Both are now working to realise the firm’s assets, which includes marketing its large freehold industrial premises in Castleford.
YTM Group was founded in 1981 and manufactured furniture for the care, hotel and education sectors. It had a second base of operations in Pontefract.
Lee Lockwood said: “It’s really sad to see the demise of a business which has traded successfully for almost 40 years, along with the loss of so many jobs.
“Unfortunately, by the time we became involved, the company’s financial problems were simply too advanced and, due to time pressures, selling it as a going concern was not an option.”
He added: “We are now doing all we can to achieve the best possible return for creditors.”
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