Administrators appointed at luxury shopfitters
Leicester manufacturing firm Clements Limited has entered administration, after appointing Midlands-based advisory and accountancy firm PKF Smith Cooper.
Dean Nelson and Nick Lee, business recovery and insolvency partners at PKF Smith Cooper, were appointed as joint administrators on 4th October 2022.
As we reported last month, Clements had previously posted a notice of intention to appoint administrators.
The firm designed, manufactured and installed luxury retail interiors, as well as providing marketing, brand and logistical support to global manufacturers.
Nelsons said the company experienced “significant” financial losses in 2020 and 2021 as a result of reduced demand, project delays and customer bad debt caused by the COVID-19 pandemic. Ultimately Clements was unable to recover and PKF Smith Cooper was appointed to deal with the business and its assets.
Dean Nelson, business recovery and insolvency partner at PKF Smith Cooper, said: “Creditors have been provided with the relevant information regarding the administration process, to enable them to partake in proceedings. We are in the process of dealing with all enquiries and working to assist the affected employees with processing their claims for statutory entitlements at this difficult time. We will strive to achieve the best outcome for everyone involved.”
Losses in 2021 amounted to almost £2m – up from £135,700 in 2021. At the time the firm employed 64 people.