West Sussex-based bespoke furniture manufacturer Armarii London Ltd has secured a pre-pack sale following the appointment of administrators.
Matthew Haw and Matthew Wild from RSM Restructuring Advisory LLP were appointed as joint administrators of Armarii London Ltd on 3 November 2016, with RSM acting immediately in overseeing a sale of the business to newly incorporated AI London Ltd.
RSM confirmed to Cabinet Maker that the sale of the company, with details remaining undisclosed, has secured around 25 jobs, as well as stating that the new company has maintained trading.
Armarii London Ltd, which is run by managing director Michael Fisher, has been established for over 25 years and specialises in the design and manufacture of bespoke fitted furniture.
A statement from RSM said: “Matthew Haw and Matthew Wild were appointed joint administrators of Armarii London Ltd on 3 November and secured a sale of the business immediately on appointment to AI London Ltd. The sale of the company has secured around 25 jobs. The new company continues to trade and is carrying out pre-appointment contracts.”
According to the latest available filed accounts for Armarii London Ltd, total sales for the year ended 31 May 2015 fell around 7% to £3.7m.