Castleford furniture firm goes bust with the loss of 117 jobs
A bespoke furniture company has been put into administration with all 117 staff members made redundant.
YTM Group ceased trading on February 14.
Founded in 1981, the business operated sites in Castleford and Pontefract.
It was a market-leading contract furniture manufacturer serving the care, hotel and education sectors.
As well as suffering from strong competition, YTM Group also lost a major contract last December leading to severe cash flow problems and making it financially unviable.
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 on Willowbridge Way in Whitwood , along with other sundry business assets.
Lee 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.”