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FRP Advisory secures sale of The Triumph Furniture Company

19 May 2011

MBO secures future of 60-year old company

The Triumph Furniture Company, the 60-year old corporate furniture and storage supplier based in Merthyr Tydfil and Tredegar, South Wales, has been bought out of administration by the firm's management team, securing more than 200 jobs.

Nigel Hamilton-Smith, Geoff Rowley and Charles Turner, partners at FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm, were appointed Joint Administrators when The Triumph Furniture Company entered into administration on 11 March 2011.

The Joint Administrators have been trading the business as a going-concern, while reviewing a number of expressions of interest from potential purchasers.

Commenting on the sale, Nigel Hamilton-Smith said: "Triumph is a respected brand and a key local business. We were delighted with the strong level of interest; however, it was crucial to identify a suitable buyer to safeguard the company's future, while achieving the best value in the interests of creditors. Often the best offer in these cases comes from the incumbent management team – they see the greatest potential and value in the business and, where the financial challenges have been down to external forces, are best suited to take the company forward.

"This sale not only protects the jobs of over 200 staff, it represents the best possible deal for creditors and retains the talent and experience of the management team needed to successfully turn the business around."

Commenting on the changes, Andrew Jackson, Chief Executive of Triumph said, "This new restructuring gives us three opportunities which will further benefit our key customers and trade connections – the opportunity to provide continuity and reliability of supply and choice at all times in this difficult market; the opportunity to make sure we have the right product range at the right price for today's business; and the opportunity to do what we've always done well: offer the trade quality products and reliability of service, helping to bolster the work of all our dealers in difficult times.

"We are looking forward to the future and shall continue to support the UK office furniture business." 

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