Upholstered furniture manufacturer Acclaim Upholstery has been placed into administration, with all 128 staff made redundant.
Martin Buttriss and Carolynn Best, both of Begbies Traynor (Central) LLP, were appointed as joint administrators of Long Eaton-based Acclaim Upholstery Company Limited on 4 July 2023.
The appointment follows shortly after Acclaim filed a notice of intention (NOI) to appoint administrators, as rising costs, falling sales and struggles with finance repayments led to the collapse.
In a statement, administrators, which has now marketed the business for sale, said: “This is a long-established business that has been beset by a number of issues, which have conspired to create an extremely difficult operating environment. A reduction in orders due to the cost-of-living crisis created problems with cashflow, which were exacerbated by inflationary pressure.”