A buyer is being sought for furniture agent and manufacturer HNB, which went into administrative receivership last week.
The business is continuing to trade with a slimmed down workforce at its Newmarket factory, while the London showroom has been closed, says Peter Souster, joint administrative receiver at Baker Tilley.
Souster says the initial strategy is to complete HNB’s existing orders. “Basically the company has suffered because of the over-capacity in that trade. It’s got a healthy order book but has run out of cash.”
Interest in the business has already been expressed and any potential buyers are urged to contact Baker Tilley.