Thursday, 25 October 2012

tc bathrooms ceases trading

Following tc bathrooms adminstration, the company has held a sale of its entire stock, at its warehouse in Dewsbury, and now ceased to trade.

The stock was acquired by and although the figure has not yet been finalised, it will be included in the proposals to creditors by December 18, 2012.
Joint administrator Hunter Kelly said: “We received some expressions of interest in various parts of the business from a number of parties. No offers were made that included both the trade and retail operations of the business.
“Following the sale of stock – one of the Company’s most significant assets – the business has ceased to trade and is in the process of being wound. As a result, it has been necessary to make a further 68 redundancies. The remaining staff are being retained to assist us in winding down the business.”

The administrator is still seeking a buyer for the 205,000 warehouse in Dewsbury, West Yorkshire.

It is still unknown how much money the companies owes or the number of creditors.
tc bathrooms was a distributor and retailer of bathroom equipment and furnishings and operated 17 retail showrooms across the country. It employed 187 people, including 47 in showrooms across the country.
The administrator cited the economic downturn, contraction of new housing and refurbishment markets, as well as it being unable to service its debt which had funded a ‘recent consideration expansion’.
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