Mark Firmin, Howard Smith and Paul Flint of KPMG’s Restructuring practice, have today been appointed joint administrators of A Thompson & Sons Limited (Thompsons), the Sunderland based builders merchants.
It was announced by Thompsons last week that the company was facing financial difficulties and the option of seeking a Company Voluntary Arrangement (CVA) with its creditors was being explored, however, following a winding up petition from HMRC, the ability to achieve this without the protection of an administration has not proved possible.
Mark Firmin, joint administrator and regional head of restructuring at KPMG said: “The business has been impacted by weak trading conditions across the sector which has led to cash pressures. Ultimately an inability to pay last month’s wage bill and the issuing of a winding up petition by HMRC have resulted in Thompsons entering administration.
“We are now assessing the financial position of the company while marketing the business and assets for sale.”
No redundancies have been made immediately upon the appointment of administrators.
Any party interested in acquiring some or all of the business should contact James Lumb on behalf of the administrators immediately at email@example.com.
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