A long-standing and highly respected supplier to the industry is being put into creditors’ voluntary liquidation, with jobs at risk.
There is to be a creditors’ meeting of Fairfield Displays & Lighting at Hendon Hall Hotel, Hendon, London NW4 1HF, at 12.30pm on November 25.
The main purpose of the meeting will be to vote for the appointment of a liquidator or liquidators to deal with the winding up of the company.
A letter received by creditors – including estate agents such as one we spoke to who had paid a 50% deposit up-front some six months ago for displays due to be fitted next Monday – is from insolvency practitioners AABRS.
Fairfield, based in Fleet, Hampshire, where it had its own premises, traded for 37 years, and was run by Janice and Geoff Fairfield.
It is understood that staff – who had no idea that the business was in any kind of trouble and who were still selling the firm’s products – were called in last Thursday and told not to report into work the following day.
The business premises are closed, with phones not being answered. While the website was yesterday still up and running, there was a note to say that online ordering was currently unavailable.
A business answering the description of Fairfield is apparently on the market, described as employing 30 people and having a turnover of £4m a year.
The business is described as supplying and installing illuminated, non-illuminated and digital retail systems to estate agents and retail premises in the UK.
The sale of this business is being handled by Lambert Smith Hampton which is evidently looking for a quick result, anticipating offers by tomorrow (October 28).
The creditors meeting is being handled by AABRS, www.aabrs.com
Comments (6)
It’s a shame to see longstanding family businesses struggle. What I don’t understand is if they have a turnover of £4 million and 30 staff, there must surely be a viable proposition somewhere there. I know turnover is not related to profit, but even if material and supply costs are 50 to 60% of turnover….there is scope….unless of course the costs are much higher than that.
Maybe someone more knowledgeable than I, has more insight.
Costs should never exceed 60% to be able to sleep a night, just.
Have to ask AgentV are you in Romania or is a story yesterday a coincidence?
No the V doesn’t stand for Vampire bat ……not yet anyway.
Saw the headline and thought this was another story about Cream Club for a minute.
I never did win the lottery
Unfortunate news for those concerned – on both sides of the counter.