Edward Briscoe Design has been put into compulsory liquidation, resulting in five redundancies.
Managing director Ken Greenway claims “insurmountable problems left by the previous directors” led to the liquidation.
“The problems we inherited, both financially and legally, were enormous and left us with no alternative,” says Greenway. “Discussions are taking place about what will happen with the company in the future.”
Greenway adds that legal advice is being taken regarding action against the previous directors. Former managing director and original founder Ted Briscoe was unavailable for comment as Design Week went to press.
The group has also been fined £1000 for failing to submit its annual accounts since December 1996, according to a spokeswoman at Companies House.