Almost 120 jobs go as manufacturer falls into administration

19 February 2019

Almost 120 jobs go as manufacturer falls into administration

A manufacturer of furniture for the care, hotel and education sectors has ceased trading with almost 120 jobs lost.

YTM Group was founded in 1981 and operated from sites in Castleford and Pontefract. According to administrators from insolvency specialist Begbies Traynor, the company suffered from strong competition, and also lost a major contract in December 2018, leading to severe cash flow problems and making it financially unviable.

The company has ceased trading after being placed into administration. All 117 staff have been made redundant.

Joint administrators Lee Lockwood of Begbies Traynor and Ray Claughton of Rushtons are working to realise the company's assets, including marketing the company's large freehold industrial unit in Castleford, along with other sundry business assets.

Lockwood said: "It's really sad to see the demise of a business which has traded successfully for almost 40 years, along with the loss of so many jobs.

"Unfortunately, by the time we became involved, the company's financial problems were simply too advanced and, due to time pressures, selling it as a going concern was not an option. We are now doing all we can to achieve the best possible return for creditors."