An auction of woodworking machinery and equipment will mark the end of a Manchester joinery firm whose venture into modular solutions has ended with more than 200 redundancies and debts of several millions pounds.
A large offering of equipment belonging to Intelligent Modular Solutions Ltd (IMS) will be sold at the company’s leased factory site in Newton Heath, Manchester on November 17.
The business recovery division of London-based accountants Chantrey Vellacott DFK made the majority of the company’s 200 staff redundant on October 8 after a lengthy period of administration failed to yield suitable offers for the business.
The company went into administration in May but most staff were kept on to help see out two major contracts, one for the Royal Bank of Scotland in Edinburgh and the other a conversion of an old university building in Kensington, London into luxury apartments.
A spokesperson for Chantrey Velacott DFK said: “The company continued to trade with the intention of securing a sale as a going concern. But that was not possible.”
He said the firm had probably been “ahead of its time” and had needed further investment and orders to stay afloat.
IMS had targeted the niche hi-spec modular bathroom market, which involved manufacturing the timber frame walls and installing components, plumbing, fixtures and fittings, including marble and limestone. Units are craned into position on site.
The company also did some traditional joinery work.
IMS bought many of its assets from another Manchester joinery firm, Oakland Joinery Contracts Ltd, which was liquidated in 2000.
