United Kingdom

Details

  • Service: Advisory
  • Type: Press release
  • Date: 05/03/2013

A Thompson & Sons Ltd enters administration 

 

Mark Firmin, Howard Smith and Paul Flint of KPMG’s Restructuring practice, have today been appointed joint administrators of A Thompson & Sons Limited (Thompsons), the Sunderland based builders merchants.

 

Thompsons operates from four branches across the North East and is understood to employ approximately 70 employees.

 

It was announced by Thompsons last week that the company was facing financial difficulties and the option of seeking a Company Voluntary Arrangement (CVA) with its creditors was being explored, however, following a winding up petition from HMRC, the ability to achieve this without the protection of an administration has not proved possible.

 

Mark Firmin, joint administrator and regional head of restructuring at KPMG said: “The business has been impacted by weak trading conditions across the sector which has led to cash pressures. Ultimately an inability to pay last month’s wage bill and the issuing of a winding up petition by HMRC have resulted in Thompsons entering administration.

 

“We are now assessing the financial position of the company while marketing the business and assets for sale.”

 

No redundancies have been made immediately upon the appointment of administrators.

 

Any party interested in acquiring some or all of the business should contact James Lumb on behalf of the administrators immediately at james.lumb@kpmg.co.uk.

 

-ends-

 

For further media information please contact:

 

Alison Anderson, KPMG Corporate Communications

T: 0113 254 2980 E: alison.anderson@kpmg.co.uk

 

About KPMG:

 

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff.  The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  KPMG International provides no client services.

 

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