The furniture company based in Oxfordshire has been bought out of administration after three weeks by newly-formed company Corndell Quality Furniture Limited.
Due to a lack of working capital and credit, the company decided to go into administration at the end of last month, resulting in 31 employees being made redundant.
However, the sale of the business and assets to the new company (backed by two of Corndell’s largest suppliers) has saved 84 jobs.
Joint administrators, Jason Baker and Geoffrey Rowley, of FRP Advisory were appointed to assist with the administration process.
Rowley commented, “During the course of the administration we were able to actively market the business for sale and engaged with numerous interested parties.”
“We proceeded with an offer from Corndell Quality which is backed by two of the largest suppliers to Corndell. Whilst the suppliers in question suffered their own losses due to the failure of Corndell Furniture, they recognise the underlying value in the business and were keen to invest to take the ongoing business forward.”