The companies, which undertook shop-fitting for retail chains and woodworking and joinery for residential builds, had a turnover of around £10.3m, with losses of nearly £1.6m in 2004 – the last available audited figures.
Adrian Wolstenholme and Joanne Wright, partners at Kroll’s Corporate Advisory & Restructuring Group in Birmingham, have been appointed administrators of the two companies. Two other group companies, Metalsidac Displays Ltd and Systemec Ltd, are not in administration and continue to trade under their existing management.
Fitzroy Timber Tailors Ltd is a holding company of trading subsidiary Timber Systems Ltd, and both were placed into administration as a result of continued trading losses.
Kroll said that Timber Systems had experienced a declining order book which would exacerbate trading losses going forward.
Fitzroy Timber Tailors Ltd had no direct employees, but Timber Systems Ltd employed around 130 staff, 110 of whom were made redundant immediately.
The remaining 20 staff stayed on to assist the administrators but last week they too lost their jobs.
Mr Wolstenholme said: “As anticipated, it has not been possible to secure a sale for the business. Therefore, unfortunately, the remaining 20 employees of Timber Systems Ltd have been made redundant. The administrators are in the process of selling the company’s assets to maximise the realisations for creditors.”
