Flooring business enters administration with the loss of 100 jobs
A STAFFORDSHIRE industrial flooring business has entered administration with the loss of more than 100 jobs.
Tamworth-based Stuarts Industrial Flooring Ltd was the largest in-situ concrete flooring specialist in the UK, operating from three sites and employing 108 people.
In late 2010 the business had secured a £7m refinance package with Lloyds TSB Corporate Markets, the deal was intended to support the business’s continued success and capital growth.
Privately-owned, in 2010 the firm had an annual turnover approaching £30m.
However, due to the level of the losses incurred by the business and the funding required to continue trading, administrators from KPMG have been forced to make 102 immediate redundancies.
Mark Orton, joint administrator with Andy McGill, said: “While this business has been historically profitable, the downturn in the construction industry has seen it generating significant trading losses over recent years.
“In the current challenging economic conditions the business has no commercially viable future in its current form and as a result, we have taken the difficult decision to wind the business down with immediate effect.”
Six employees will remain to assist the administrators during the winding down process.
Stuarts Industrial Flooring delivered close to two million sq m of precision concrete floors every year, primarily to the industrial warehouse market. It had benefitted from work in connection with the London 2012 Olympic Games. It had also worked on projects for all the big-name supermarket brands, and was responsible for the installation of the 30,000m² heated floorslab at Gazeley’s sustainable warehouse development in Chatterley Valley.
In addition to Tamworth, it also had offices in Edinburgh, Boroughbridge and Southampton. It had also branched out into Scandinavia.
