Sutcliffe shut down
Cabinet company Sutcliffe Furniture has been closed after it ran out of money and 100 of its 110 staff have been made redundant. Administrators said the company had failed to find a buyer before their appointment.
‘Unfortunately, difficult market conditions, fall in demand and cashflow pressures have hindered the business. The company and its business and assets had been offered for sale to a number of parties prior to the administrators’ appointment but ultimately there was no interest in such an acquisition,’ says Tracey Pye, BDO business restructuring partner and joint administrator.
‘In light of the financial position, the administrators had no option but to bring the operations of the company to a close.’ Sutcliffe was bought by Radford Furniture Company in December last year and would have celebrated its 125th anniversary next year.