160 jobs at risk as furniture manufacturer calls in administrators
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Wyvern Furniture, based on the Hartlebury Trading Estate near Kidderminster, has fallen into administration.
The firm’s parent company, Trade Business, has called in RSM to look after the day-to-day running of the firm.
According to its website, Wyvern employed 160 people at its factory, office, showroom and warehouse near Kidderminster where it claimed to produce 2,500 pieces of furniture a week.
In its latest available accounts, made up to the end of 2019, the company said that although turnover had declined in line with a contraction of the market, it had recently secured new customers to help reverse this trend. During that year, sales fell from £11.7m to £10.9m. During the same period, Trade Business fell into the red, making a loss of £232,591.
A statement on the company’s website reads: “Diana Frangou and Christopher Lewis of RSM Restructuring Advisory were appointed joint administrators of Trade Business Limited on 1st October 2021.
“The affairs, business and property of the company are being managed by the Joint Administrators who act as agent for the company without personal liability.”