Olympia Furniture enters administration

Olympia has appointed Ben Woolrych and David Thornhilll at FRP Advisory as administrators.

The company is assessing its ability to continue trading within administration while continuing to market the business for sale, according to reports.

Turnaround investor SKG acquired the business in November 2011 from German company Himolla Postermobel. Earlier the same year, Olympia lost a lucrative Ikea contract.

Olympia generated sales of approximately £25m in 2010, but revenues declined after the Ikea deal fell through and the business never quite recovered.

Olympia has supplied retailers such as Argos, Tesco, Sainsbury's, Asda and Littlewoods.

The company is based in Ashton-under-Lyne near Manchester and has 135 employees.

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