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The Derby Fireplace Company, whose name neatly outlines the nature of its business, has entered liquidation on a voluntary basis having struggled to achieve profitability over the course of recent months and quarters.
Having been operational for more than 20 years, there have been various efforts on the part of the company’s bosses to turn around the struggling business and to boost its flagging sales.
However, the creation of a new website and interest free credit options did not deliver the hoped-for improvements in revenues and profits.
A Company Voluntary Arrangement (CVA) was considered as a potential route forward for the fireplace business but it has now been entered into liquidation instead.
The CVA would have given the company an opportunity to pay off its creditors over a specified period of time while it continued to trade and potentially pursue a recovery.
Sustainability though could not be achieved at the Derby Fireplace Company and directors in the end decided that liquidation was the only viable option remaining for their business.
Lucinda Matkin was recently appointed to oversee the liquidation process in relation to the fireplace company, which had employed 11 people and has showrooms in both Derby and Nottingham.
“The Derby Fireplace Company has been a well-known family-run business for over 20 years, which many will know from seeing the showroom just off the A52 at the Wyvern,” Ms Matkin said.
“All 11 staff have been made redundant and the company has ceased trading. All stock including log burners, fires, fire surrounds and home accessories will be available for sale.
“The company’s Nottingham showroom, in Arkwright Street, is also available for sale and any interested parties should contact myself in the first instance.”
According to the Derby Telegraph, the Derby Fireplace Company’s main showroom in Derby was recently earmarked as the potential location of a new M&S Food store, with plans to that effect put forward by the local council in 2014.
However, the building in question was subsequently deemed to be of historical significance for Derby as it apparently dates back to the 1870s and was an important local railway services building.
If you are considering liquidation for your company, taking expert advice at an early stage is crucial. At UK Liquidators, our team of licensed insolvency practitioners are committed to providing limited company directors with the help and advice they need to make an informed decision.
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