Prospective buyers are being sought for a Lerwick joinery firm after it went into administration due to a lack of working capital.
T&N Joinery, which employs 60 local craftsmen, fitters and operational staff, is continuing to trade while the business is reviewed. Administrators claimed that as yet there have been no redundancies.
Accountancy and business advisory firm BDO’s restructuring partners James Stephen and Bryan Jackson were appointed as joint administrators yesterday.
T&N offers a wide range of products and services including timber windows, UPVC windows, conservatories, stairs, roofing, fitting and installation and general contracting.
The administrators are undertaking a review and want to hear from any parties interested in buying the business and its assets.
“T&N Joinery is a well-known and successful Shetland business with a strong reputation for craftsmanship, which has unfortunately been affected by a shortfall in working capital,” Stephen said.
“Despite this, it has a reputation for quality, a strong order book and good prospects. As joint administrators, we will do all we can to keep the company trading as a going concern.
“We are interested in hearing from any prospective buyers for the business, and we will try to avoid making any redundancies in the immediate short term while we explore the options.”
He added: “We would like to thank staff for their patience and continued support at this time.”