A Birmingham hardware fittings importer with an annual turnover of £7million has gone into administration after more than 20 years’ trading.
Administrators Baker Tilly said 11 of the 35 workers at Hiatt Hardware in central Birmingham had already been laid off.
Restructuring and recovery professionals from its Birmingham office were last night working against the clock to save the stricken firm.
But Baker Tilly partner and joint administrator Guy Mander said that due to “significant financial difficulties” facing the business, some redundancies had already been necessary.
He added: “Hiatt Hardware is a leading importer and distributor of hardware fittings to the DIY sector and furniture fittings manufacturers, with annual turnover of £7million.
“The economic downturn has affected both turnover and margins, with cashflow problems being exacerbated by the company’s inability to de-stock, given market conditions.
“The administrators are seeking to sell the business as a going concern or alternatively pursue an orderly disposal of the assets.”
Parties interested in acquiring the business and/or assets are asked to contact Guy Mander as a matter of urgency at Baker Tilly’s Birmingham office on 0121 214 3100.