The Reddish-based refurbishment company has entered into administration and has ceased trading, making 80 members of staff redundant after a “sharp deterioration in trading conditions”.
Russell Cash and David Thornhill, partners at FRP Advisory, were appointed joint administrators to FT Finley & Co, which operates as Finleys, on Monday 5 October.
Finleys is a long-established family firm based near Stockport, which worked with a number of local authorities and housing associations carrying out repairs and re-fits to housing stock.
According to a statement from FRP Advisory, the company had faced financial difficulties for some time putting severe pressure on cash-flow. Following the withdrawal of interest by a potential purchaser of the business last month, the directors were left with no viable options for the ongoing business.
Following their appointment as joint administrators and after an immediate review of the business’ current work in progress, the joint administrators concluded that the company could not continue to trade and made around 80 members of staff redundant.
David Thornhill, partner at FRP Advisory and joint administrator, 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.”