SEVENTY people have lost their jobs after a company went into administration.
FRP Advisory were appointed the administrators for Ideal Shopfitters, a shop fitting firm at the Woolfox Depot on the A1, on Thursday last week.
The company employed 70 staff at the purpose-built depot.
Commenting on the administration, Nathan Jones, of FRP Advisory said: “The retail sector has been hit by a drop in trade following the recession, along with a poor performance during Christmas and the subsequent increase in VAT.
“All of these factors have led to retailers tightening their belts, which has directly affected the cashflow of Ideal Shopfitters.
“Despite its excellent reputation for high standards and quality customer service, unfortunately the financial performance of the company and subsequent loss of orders meant that it did not represent a viable purchase as a going-concern.”
Mr Jones said that all employees had been made redundant.
He added: “We are now liaising closely with the management team and local job centre to process redundancy claims and to advise staff on their next steps in finding work.
“We are now focused on selling the company’s goodwill and assets.”
Interested parties in the sale of the business or assets should contact Nathan Jones or Emily Wilkins on 0116 303 3243 or via email at email@example.com.