12/02/2010 Pension fund contributed to HJ Berry downfall

HJ Berry’s £9million pension scheme has been revealed as a contributing factor to the firm’s potential insolvency.

 

The Preston-based chair manufacturer’s directors sent a letter to its 85 staff last Monday telling them the company’s financial position was untenable, with reports today suggesting that the final straw was due to a "large hole" in the company's £9m pension fund.

 

Mark Getliffe at Manchester-based CLB Coopers has been providing advice regarding the company’s insolvency and a turnaround plan, with efforts being made to find a buyer for all or part of the business.

 

Expected to go into administration this Monday the main debtor is understood to be HM Revenue and Customs.

 

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