Over 100 members of staff have lost their jobs after a Caslteford based bespoke furniture maker was placed into administration.
YTM Group closed its doors to customers for the final time last week, and 117 staff have been made redundant.
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. 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.
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.”
For any enquiries about the former YTM premises at Innovation House, Willowbridge Way, Whitwood, Castleford, please contact Neil Bestwick or Craig Watson of Sanderson Weatherall on 0113 221 6000.