Bespoke furniture maker YTM Group, based in Castleford, ceased trading last week after being placed into administration.
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.
A spokesman said: “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. 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 business assets.
Mr 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.”