Updated: 20th February 2019
Bespoke furniture maker YTM Group, based in Castleford, ceased trading last week (14 February 2019) after being placed into administration.
Founded in 1981, the business operated sites in Castleford and Pontefract. It was a market leading contract furniture manufacturer serving the care, hotel and education sectors.
As well as suffering from strong competition, YTM Group also lost a major contract last December leading to severe cash flow problems and making it financially unviable. All 117 staff have been made redundant.
Joint administrators Lee Lockwood of Begbies Traynor and Ray Claughton of Rushtons are working to realise the company’s assets, including marketing the company’s large freehold industrial unit in Castleford, along with other sundry business assets.
Lee Lockwood said: “It’s really sad to see the demise of a business which has traded successfully for almost 40 years, along with the loss of so many jobs. Unfortunately, by the time we became involved, the company’s financial problems were simply too advanced and, due to time pressures, selling it as a going concern was not an option. We are now doing all we can to achieve the best possible return for creditors.”
For any enquiries about the former YTM premises at Innovation House, Willowbridge Way, Whitwood, Castleford, please contact: Neil Bestwick or Craig Watson of Sanderson Weatherall on 0113 221 6000.
Lee is a director based in our Leeds office. He is a chartered accountant and Licensed Insolvency Practitioner with more than 10 years’ restructuring experience and had previously worked for Kroll before joining the firm in 2008.
The majority of Lee’s career has been spent working alongside the major clearing banks. He has a strong insolvency background but has always focused on corporate turnaround and recovery assignments.