With the bankruptcy of Godfrey Syrett at the beginning of this week, more than 200 jobs will be lost. Last year it was already turbulent at the furniture manufacturer, with a takeover by the investment company RCapital, the departure of the management and the plans to close one of the factories. Despite the reorganization plans of the new management and the injection of millions of pounds by an external investor, the 70 year old company has not been able to survive.
The decision to cease trading has led to nearly all of the firm’s 204 members of staff being made redundant. In the short term, administrators KPMG have kept on 11 of the manufacturer’s team to assist with the administration process. Telephone lines at the company’s head office in Killingworth have been disconnected and the firm’s warehouse next door appeared closed.
About three weeks ago we already wrote an article about the turbulent times at Godfrey Syrett you might want to read
This article will be updated if more news comes up.
