Furniture manufacturer ANK Manufacturing Ltd has been placed into administration, owing creditors over £400,000.

Carolynn Best and Thomas Harris of Begbies Traynor were appointed as liquidators to ANK Manufacturing Ltd on 29 October 2024.

Upon appointment all 26 employees have been made redundant and creditors have been notified.

Carolynn Best, partner at Begbies Traynor in the East Midlands, said: “The past 12 months have been very challenging for the company, who have faced rising overheads in multiple areas. Despite efforts to increase turnover with a focused business development programme, and attempts to diversify, the situation became untenable, and the business ceased trading.”

Preferential creditor, employee claims, are owed £38,500, while the HMRC is owed £73,100. Unsecured creditors are owed £324,000, including a further £61,000 owed to staff. It is expected that creditors will suffer a shortfall of £382,000.