FRP Advisory administrators sell Triumph Furniture in MBO
Administrators have sold Triumph Furniture, saving more than 200 jobs
ADMINISTRATORS from FRP Advisory have sold furniture and storage supplier Triumph Furniture to the management team.
The sale has secured more than 200 jobs at the South Wales-based business.
Nigel Hamilton-Smith, Geoff Rowley and Charles Turner, partners at FRP Advisory, were appointed joint administrators on 11 March.
Hamilton-Smith said: “Often, the best offer in these cases comes from the incumbent management team; they see the greatest potential and value in the business and, where the financial challenges have been down to external forces, are best suited to take the company forward.
“This sale not only protects the jobs of over 200 staff, it represents the best possible deal for creditors and retains the talent and experience of the management team needed to successfully turn the business around.”
The administrators made more than 80 staff redundant at the 296-strong workforce on appointment to Triumph Furniture.
