A prominent kitchen components company has officially entered administration, following its filing for the appointment of administrators in late December. FRP Advisory has been appointed as the administrators for the company, which has been facing mounting financial difficulties.
Photo: Multiwood.
Andrew Greenhouse, Multiwood's national sales manager, addressed the ongoing speculation regarding the company's situation in a social media post on January 13. Greenhouse confirmed that he had been informed of the administration on January 2, although he was not fully aware of the reasons behind the decision, as he had been on leave since early December.
He expressed his surprise at the news, describing it as a "real surprise and shock" to staff, who had been led to believe that the company had been acquired by a new owner in 2024. The staff had been told that the new owner planned to invest in the business to ensure its growth and future success. Greenhouse also mentioned that the company had recruited two new Area Sales Managers (ASMs) and was working to secure new showroom displays and retail accounts across the UK.
Additionally, the company had secured new Original Equipment Manufacturer (OEM) business set to begin in 2025. According to Greenhouse, the second half of 2024 had seen growth in both sales and profits, giving the impression that Multiwood was on the right track after several years of difficulties.
Greenhouse also apologised on behalf of the team for the financial losses, distress, and disruption caused by the administration, hoping that affected businesses could recover from the setback.
Source: www.kbbreview.com