A carpet retailer faced significant challenges that ultimately led to its closure after the sudden death of a key director. The company struggled to recover following the passing of its main driving force, Lee Williams, in 2022, which left operations in "disarray."
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The absence of his leadership created difficulties for the remaining director, Stanley Williams, who reached out to Horsfields for assistance as creditor pressures mounted. After an assessment, the administrators concluded that the business was insolvent and needed urgent measures.
Williams Bros. Limited, a well-known carpet retailer, had seen its financial stability erode, as indicated by a significant drop in sales from £1.1 million in 2022 to £772,000 in 2023. This decline was accompanied by losses of £12,000, a stark contrast to the previous year's profit of £141,000.
By August 2024, the company had ceased trading, leaving creditors facing an estimated shortfall of £118,000. Among those affected were HMRC, owed £34,000, and employees, who were due approximately £37,000 in unpaid wages.
Source: www.bigfurnituregroup.com