Yorkshire furniture maker breaks down in administration
Lee Lockwood, director at Begbies Traynor, and Ray Claughton, director at Rushtons, have been appointed joint administrators of bespoke furniture maker YTM Group, based in Castleford, which has ceased trading with the loss of over 100 jobs
21 Feb 2019
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.
The joint administrators 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.
Report by Pat Sweet