Independent family-run builders merchant Thompsons is in administration thanks to the taxman.
A winding-up petition from HMRC meant that a planned Company Voluntary Arrangement with creditors which the Sunderland-based A Thompson & Sons Limited had been hoping to arrange was not possible.
Mark Firmin, Howard Smith and Paul Flint of KPMG’s Restructuring practice, have today been appointed joint administrators of the four-branch company. The TAPS plumbers merchant business, which has six branches, is also affected; KPMG were appointed on March 8.
Last week it was announced that Thompsons was in financial difficulties.
Mark Firmin, joint administrator and regional head of restructuring at KPMG blamed weak trading conditions across the sector, which led to pressure on cashflow.
“Ultimately an inability to pay last month’s wage bill and the issuing of a winding up petition by HMRC have resulted in Thompsons entering administration.
“We are now assessing the financial position of the company while marketing the business and assets for sale.”
No redundancies have been made immediately upon the appointment of administrators.
Firms interested in acquiring some or all of the business should contact James Lumb on behalf of the administrators immediately at email@example.com.