A well-established Stockport family business has been forced to enter administration after a difficult trading period and as a potential purchaser withdrew interest last month leaving the directors with “no other viable options”.
Unfortunately 80 jobs have been lost at FT Finley & Co., the building, refurbishment and maintenance services company, as Russell Cash and David Thornhill, partners at FRP Advisory, have been appointed joint administrators.
David Thornhill said:
“The closure of Finleys is a sad day for this long-established business, its hard-working loyal workforce and the wider Stockport economy.
“The social housing repair and maintenance market has been challenging for some time and Finleys regrettably is the latest firm to feel the squeeze.
“The directors and their advisers had worked hard to sell the business as a going concern and it was disappointing in September when a potential purchaser withdrew its interest, leaving the directors with no viable option but to seek the protection of administration.
“We will now be marketing the company’s remaining assets and concentrating on realising as much as possible in the best interests of all creditors.
“As joint administrators our immediate focus is to assist the 80 staff who have lost their jobs and provide them with the necessary support to submit timely claims to the Redundancy Payments Service.”
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