4R Blog

RSS Feed

Norwich DIY firm goes into liquidation

Date Added: 24/01/2013  

A DIY firm based in East Anglia has confirmed its financial difficulties have forced it to go into liquidation, though some branches of the company could yet survive.

The firm's decline in sales led to the directors calling in liquidators, but two stores could be kept open despite the liquidation of the organisation.

According to a report by the East Anglian Daily Press, 20 out of a total of 26 jobs in Norwich are likely to be lost as a result of the failure of the company.

Godfrey DIY confirmed it was having financial difficulties towards the end of last year, but has now instructed a regional business rescue and insolvency to come into the firm.

Managing director Barry Godfrey stated it is a sad day for everyone involved in the company, which has entered liquidation after three decades of trading in the region.

"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," he said.

High street retailers such as HMV, Jessops and Blockbuster have already gone into administration in 2013 and experts are predicting more big names will follow over the course of the coming weeks and months.

Prospective liquidator Andrew McTear noted that sales have continued to decline and cashflow has deteriorated in the couple of months since the firm warned it might have to make some of its members of staff redundant in order to save money.

He suggested the company will trade as normal for the time being, with a meeting of the creditors set to take place later in the month, at which the future of the firm will be decided.

Need advice on Winding up Orders? Call 0800 9020123

Posted by Miles Pritchard

Get the Help You Deserve

0800 90 20 123

Urgent Help Call 24/7

020 7183 2606

We'll Call You

Request a Callback