Joinery firm future in the balance
The future of a Watton joinery firm which makes shop interiors for Next, WH Smith and Woolworths is hanging in the balance after its owner went into administration.
The future of a Watton joinery firm which makes shop interiors for Next, WH Smith and Woolworths is hanging in the balance after its owner went into administration.
JDS Plaswood has more than 50 employees whose future is hanging in the balance as administration firm Kroll hunts for a buyer.
Administrators were called in after cash flow problems at the firm's owner, Oxfordshire-based JDS Group.
JDS Group carried out interior fittings for the retail, library, education and commercial sectors and bought Plaswood in October 2006.
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A statement from Kroll said their corporate advisory and restructuring group was appointed joint administrators to the group and its associated companies, including Plaswood, on February 12.
It said the shop fitting firm, which employs 250 staff in total, had entered into administration due to 'cash flow difficulties' in recent months.
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Peter Holder, one of the administrators, said: “We appreciate that this is a concerned time for the employees of the companies.
“We are urgently reviewing options for the companies and will keep staff advised of developments as they occur.
“We have received a number of expressions of interest in the business and we are hopeful that a buyer can be found soon.”
It is understood that while the group was having problems, Plaswood itself was profitable.
Plaswood, based on Watton's Threxton Road Industrial Estate, has been making display equipment, counters and cash desks for retailers since 1948.
