On 20 December 2018, Paul Dumbell and David Costley-Wood from KPMG’s Restructuring practice were appointed as Joint Administrators of Richmond Cabinet Company Limited.
The company was a family-owned designer and manufacturer of kitchen units operating out of a leasehold site at Hadfield Industrial Estate in Glossop. It serviced retail customers and commercial developments in the private rented and student accommodation sectors.
An increasingly competitive market led to declining trading performance in recent years, while several loss-making contracts put significant pressure on the company’s working capital.
Following their appointment, the Joint Administrators granted a business operating license to Richmond Furniture Limited. All 123 employees have been transferred over to the licensee under TUPE regulations.
Paul Dumbell, director at KPMG and Joint Administrator, said: “The licence arrangement allows us to fulfil outstanding contracts and in turn, protect the debtor book while we explore options to sell the company’s assets. We would encourage any interested parties to come forward as soon as possible.”
Asset sale enquiries should be directed to:
Kiran Reddy: Kiran.Reddy@KPMG.co.uk; or
Andrew Stone: Andrew.Stone@KPMG.co.uk
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