FRP Advisory partners Ben Woolrych and John Lowe were appointed as joint administrators to the near-£30m turnover Taylor Bloxham Group yesterday (6 February).
In a statement, the administrators said: “The company has suffered severe cashflow pressures, which had become unsustainable in recent months following a period of losses and a tightening of supplier terms. FRP had been working with the directors of the company on an accelerated sale process with the aim of securing a sale for the entire business and had received interest from several parties. However, ultimately, an appropriate offer was only received for the Mailbox division for which a sale has been completed, protecting 21 jobs.
“On appointment, the administrators have been forced to close the remaining divisions of the business and take the difficult decision to make all 150 employees redundant. The joint administrators will now focus on maximising returns for creditors through selling the remaining assets of the business and providing support for all affected employees.”
150 people have been made redundant and FRP is working with the Redundancy Payments Service to provide support for the individuals affected.
David Wright, who was sales director at the Mailbox operation but not a director of Taylor Bloxham Group, has acquired the trading name, intellectual property and assets of the division, along with legal operation of its premises on Scudamore Road in Leicester.
More to follow...
