Administrators appointed to Cardinal Shopfitting and Systems
Administrators appointed to Cardinal Shopfitting
Howard Smith and Dave Costley-Wood from KPMG’s Restructuring practice were appointed Joint Administrators of Cardinal Shopfitting and Systems Limited on 13 July 2020.
The Bradford-based company is an interiors manufacturer largely supplying into the retail sector, with clients including major high street chains, alongside a residential property offering.
The business is unable to continue trading given a collapse in its order book, following the impact of COVID-19 driving change and uncertainty in the retail sector post-lockdown.
Regrettably, this means 135 of the 170 staff - approximately half of whom were on furlough - were made redundant following the appointment of the administrators. The remaining 35 will assist the administrators in the short term to complete work in progress.
Howard Smith, Joint Administrator and Associate Partner at KPMG, said:
“Cardinal is a victim of the retail sector at large conducting a strategic reassessment of the needs of its store estate following the COVID-19 lockdown. Without plans to invest in their high street presence until 2021 at the earliest, Cardinal’s client base were unable to provide the necessary certainty over future contracts to enable it to continue trading.
“We have employment specialists liaising with the workforce to support them through the redundancy process.”
For media enquiries only, please contact:
Alison Anderson, KPMG Corporate Communications
T: +44 (0)113 254 2980
M: +44 (0)7733 453 065
Follow us on twitter: @kpmguk
KPMG Press Office: +44 (0)207 694 8773
About KPMG in the UK
KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 17,600 partners and staff. The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, Legal and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
© 2021 KPMG LLP a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.