Wrexham bed and furniture retailer calls in liquidators
A bed and furniture retailer in Wrexham has called in liquidators.
Trydan Retail Ltd, on Llay Industrial Estate, went into voluntary liquidation and this month Nick West and Phil Wood of BCR were appointed joint liquidators.
Mr West today told the Daily Post that the directors took the decision after a considerable decline in sales during the last quarter and the ‘deficiency to creditors’ exceeding £50,000.
Illness to both directors and an injury to a key employee during 2016 added to the difficulties.
Mr West added: “Following the decline in sales the directors took swift action to seek specialist insolvency advice.
“With the supervision of qualified valuation agents the company held a clearance sale before vacating the trading premises at the end of the month.
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“This resulted in better realisations than could have been expected in a forced sale post liquidation.”
He added: “In insolvent circumstances like this, the sooner directors take action the less risk there is of the directors becoming personally liable for trading insolvent.
“The directors of Trydan acted properly and acted in time however, sadly there was no option to rescue the struggling business.”
