Overcast

Overcast

max temp: 17°C

min temp: 12°C

ESTD 1874 Search

East Anglia: Godfrey DIY heading for liquidation

12:10 21 January 2013

The Godfrey DIY store in Norwich

The Godfrey DIY store in Norwich

Archant Norfolk

EAST Anglia-based Godfrey DIY has called in liquidators following a further decline in sales – but there are still hopes that two of its branches may survive.

Godfrey, which is based in Norwich, warned in December that it planned to down-size its business, with the possible loss up to 20 out of a total of 26 jobs in the city and up to half of the staff at its stores in Diss and Stowmarket, where it employed 14 and 11 people respectively.

However, the company – which last year generated turnover of £5million – has now instructed regional business rescue and insolvency specialist McTear Williams & Wood to begin a process of liquidation, with a creditor’s meeting to be held later this month.

Prospective liquidator Andrew McTear said that, since the beginning of the redundancy consultation in November, sales had continued to decline and cashflow had deteriorated to the point where the company could not continue to trade.

Sales had been on “a downward trajectory” since the 2008 housing crisis and, despite considerable cost savings, poor sales in 2012 caused by economic uncertainty, restricted mortgage lending for first time buyers and poor weather had continued to affect trading.

“The company will continue to trade as normal until the creditors’ meeting on January 30, 2013,” said Mr McTear. “After then we hope to be able to sell the Diss and Stowmarket branches as going concerns.”

Managing director Barry Godfrey said: “After 30 years of successful trading this is a sad day for all of us.

“On behalf of my family I would just like to thank all our customers and staff for their loyalty and commitment over the years. Obviously we are not the only retailer to have encountered difficulties since Christmas and probably will not be the last.”

Search hundreds of local jobs at Jobs24

0 comments

The 2015 Menta Trade Fair at The Apex in Bury St Edmunds.

With just a few days until the Menta Trade Fair on Tuesday, October 4, plans are being finalised for the biggest business event yet seen in Bury St Edmunds.

Earl Soham. Credit: Mike Page.

Owners of an east Suffolk business centre are looking to convert some of its older buildings into residential use – while finding new sites for those being displaced.

An example of the Mantsinen 200M hydraulic crane.
Picture: Cooper Specialised Handling

Associated British Ports (ABP) is investing £6m in new hydraulic cranes from Finnish firm Mantsinen for five of its ports including Ipswich.

Viv Gillespie,  principal at Suffolk New College.

Suffolk New College has become the first organisation to sign up as a patron of the Young Chamber scheme run by Suffolk Chamber of Commerce to bridge the gap between the worlds of education and work.

Concrete manufacturer Poundfield Products plans to expand after clinching £1m in funding.

A precast concrete firm has cemented a £1m investment deal to boost its manufacturing operation.

HOT JOBS

Show Job Lists

Most read

Most commented

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

MyDate24 MyPhotos24