Triumph Furniture Limited (07591856): administration
- Status
- Administration ended
- Administration began
- 2019-10-08
- Administrators
- Katrina Jane Orum, Huw Powell, Paul David Wood
- Administrators' firm
- Begbies Traynor
- Formerly
- Triumph Furniture Solutions Limited
- Incorporated
- 2011-04-05
- Location
- Bristol
- Industry
- 31010 Manufacture of office and shop furniture
Why it went into administration
- Loss of a key customer, supplier or contract
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 5 April 2011 to purchase the business and assets of Sekalb Nine Limited (formerly known as T.B.S. (South Wales) Limited until October 2009 and then The Triumph Furniture Company Limited), which entered administration on 11 March 2011, having been incorporated in 1941.
The business remained family run and apart from a small loss in 2013, it enjoyed profits every year up to 28 May 2017, building up £1.4 million of profit and loss reserves and net assets of £2 million. Then, following the loss of a major contract, Company's audited accounts for the period to 3 June 2018 display a reduction in sales to £18.4 million and a trading loss of £0.3 million. Following a significant public sector contract win, management accounts indicate that sales increased to £23.2 million in the period to 31 May 2019 and that a profit of £0.3 million was achieved.
The Company benefitted from an established brand and excellent reputation, allowing it to supply a network of over 600 office furniture resellers as well as central government departments. It was a major employer in Merthyr Tydfil, supporting over 300 jobs across its two leasehold sites at its peak. However, the business suffered a rapid and catastrophic collapse in orders from the middle of July 2019. The executive management team attempted to address this issue and to increase working capital availability through a series of actions including:
Administrators' statement of proposals (2019-11-25) · Companies House register