Following the appointment of Andrew Mackenzie and Louise Longley of Begbies Traynor as joint administrators of Mustang Joinery Limited a sale of the business and assets has been completed, saving 16 jobs.
Based in Rotherham and founded in 1981, the company specialised in the manufacture of a range of bespoke window frames, staircases and door sets for local and national developers.
Unfortunately, the business suffered a downturn in turnover with the impact of prolonged lockdowns and restrictions caused by COVID-19 over the last two years causing this to accelerate significantly. This resulted in a build-up of HMRC arrears which could no longer be serviced.
After a period of accelerated marketing undertaken by Begbies Traynor Group, a pre-packaged sale to Mustang Bespoke Joinery Limited completed on 11th May. Gateley Legal providing advice to the administrators throughout the process.
Joint administrator Louise Longley said: “After more than 40 years of trading, Mustang Joinery became another casualty of the pandemic, with multiple lockdowns resulting in falling turnover and, ultimately, an inability to service its mounting HMRC arrears.
Having sought a buyer for the business, we are pleased to have secured this sale which is good news for employees, customers and suppliers.”