Triumph Furniture gone bust

[Trevanion]

Kind of "week old" news now but some of you might not have seen it.

https://www.bbc.co.uk/news/uk-wales-49977014

https://www.bbc.co.uk/news/uk-wales-50002575

https://www.walesonline.co.uk/news/wales-news/triumph-merthyr-administration-redundancy-protest-17081232

Quite a large firm, When you're turning over £20,000,000 and you only have £60,000 profit at the end of the year something is seriously wrong. Something is definitely seriously wrong when you're £350,000 out of pocket the next year. I know someone who made particular parts for them since they weren't made in-house and they did a drop off first thing in the morning with these parts and there was no atmosphere of going bust or anything wrong, in an hour the company officially announced they were going under. They owed him around £3000 (£12,000 the month before) He was just annoyed he dropped off the parts :lol:.

Seems to be the in-trend at the moment, going bust. There's a lot of liquidation auctions for joinery shops packing it in at the moment, this one will be a massive auction with massive gear to boot.

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[TFrench]

Recently I've been buying quite a bit of stuff in industrial auctions - most of it from places that have gone bust. The saddest was Hey Tools in Coventry - been going for about 100 years and only sold 1 machine in the last 7 years. It was like walking into a timewarp - full production line of massive mills and lathes, all ending up in the packing department full of wadkin kit just for making crates. Amazing place, I wish I'd taken pictures while I was there. I noticed the other day that electromotion (massive mahine dealer and exporter in Leicester) are wrapping up and auctioning all their stock. Things must be bad when the dealers are giving in!

 

[tomatwark]

Sorry to hear that another well known company has gone under.
There has been a lot of companies in the timber industry going under in the last year or so, big and small.
That said there are jobs out there, I went under in January and had to lay off 5 people.
All my staff all got jobs, some of them the next day, but all including myself within a couple of weeks.
I guess it will depend on which part of the country you are in though.
I think thigs will remind hard though with the Brexit thing hanging over us, and it will take a while to settle down with or without a deal.