Thought to be one of the top furniture manufacturers in the country, Triumph Furniture Limited has fallen into administration after citing a significant loss in sales as the reason for its downfall.
Founded in 1946, Triumph Furniture has two sites in South Wales – in Merthyr Tydfil and Dowlais – to supply furniture to central government buildings and a network of over 600 office furniture resellers.
The family-run business, however, was forced to go into administration after it failed to lower its operating overheads in light of a dramatic fall in sales over the last 10 weeks.
The company’s most recent financial accounts showed a loss of £342,000 in the year ending June 2018, which contrasts the profit of £66,000 in the previous year. A report to go alongside the accounts suggested that this was a result of a number of contracts being delayed, which consequently impacted sales and revenues.