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Page 9
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Dams international forced to call in the administrators
FURNITURE SUPPLIER Dams International has been forced into administration after a failed expansion into offering haulage services to other retailers. Up to 245 jobs are set to be axed.
KPMG's Paul Flint and Brian Green were appointed joint administrators for the Knowsley, Merseyside-based company on 30 September.
KPMG says that of 327 employees, it expects to make 245 redundancies, 65 of those will be warehousing and driver jobs .2 based at depots in Glasgow, Somerset,
5 York and Hertfordshire.
6 Flint says: Over the course of the past 212 months, Dams International has
experienced a significant fall in turnover as a result of the economic crisis, which, coupled with a failed strategic expansion into outsourced logistics, has resulted in extensive trading losses over the past year."
KPMG reveals that the business had been offering its haulage services to other retailers "Despite restructuring efforts to date, the firm had run out of cash and is facing severe creditor pressure,"Flint continues