The assets of Andover-based Banner Joinery have been sold off at auction following the company’s descent into administration.
The firm, established in 1991 and which marketed itself as one of the South’s leading manufacturers of purpose-made joinery, operated a 12,000ft² factory on Andover’s West Portway Industrial Estate but found itself in financial difficulties and called in the administrators on January 6.
Its products included doors, windows, screens, staircases, counters, desks and bars.
Administrators MBI Coakley closed the operation and put the assets up for sale in an online auction.
“The company, which has been through recessions before, suffered like many in the construction sector at the start of the current downturn, with a decline in orders leading to reduced turnover and losses,” said joint administrator Dermot Coakley.
“Despite support from the directors, the company found itself in a position in mid-December when it had insufficient cash flow to pay its bills and only a short order book going into 2011.
“The company had made losses through 2010 but had expected an upturn and was unable to sustain further losses.”
A large quantity of woodworking machinery was auctioned, including an SCM Record 100 router, SCM Compact XL four-sided planer/moulder, a Felder F700 vertical spindle moulder, a wadkin EEL power brand re-saw and many others. Various forklifts were also up for sale.
