Major Grantham business closes with loss of over 160 jobs
The Quality Furniture
Company on Alma Park Road is to close today.
The move follows the venture, which made 4,000 sofas a week, going into administration early in August.
Joint-administrator KPMG said it had been unable to find a buyer for the business.
KPMG partner and joint administrator Chris Pole said: “We have continued to trade the business since our appointment on August 2, 2018 to enable time for a sale of business process to take place.
“Unfortunately, despite a number of expressions of interest in the business, no acceptable offer was received following the marketing process and as a result, trading will cease on October 12.”
The administrators were called in to the business, which began in 1992, on August 2. QFC employed 271 at the time. Since then, numbers have dropped to 161.
Mr Pole continued: “Whilst we will be retaining a small skeleton workforce in the short term to assist us with the wind down process, the majority of the 161 workforce will regrettably be made redundant.
“All affected staff have been informed and will be paid up to and including their last day of employment. We’d like to thank all employees for the support, service and co-operation they have provided to the company, both before and during the administration.”
Steve Bowyer, chief executive of InvestSK, said: “While the QFC administration process began some months ago, it’s still always sad to hear of a local business closing – and particularly so when it’s a large employer, like QFC, which clearly did have a good track record and manufactured a high quality product.
“As South Kesteven’s regeneration and economic growth company, InvestSK has been in touch with QFC to offer our help and we’re now working with DWP, local employers, and other partners to provide brokerage support around training and benefits, and to seek new opportunities for staff that are losing their jobs.”
Mr Bowyer promised his agency would promote the site and try and secure new investment, adding the closure was an ‘internal operations matter’ and nothing to do with its Grantham location.
The Journal has sought comment from QFC.
QFC’s chief executive Vernon Goldberg has posted on his Linked-In profile: “Looking for interesting new business opportunities.”