One of the UK’s largest joinery manufacturers STP Group Ltd has gone into administration.
The Manchester office of Ernst & Young has been apppointed receivers of the group, which less than a year ago was acquired for £6.4m by private equity house Endless LLP. At the time STP managing director Ron Cohen said the deal was an opportunity for the company to grow and expand.
Several timber suppliers are believed to be among STP’s creditors.
At the time of the takeover, STP employed more than 200 staff, had a £23m annual turnover and manufactured doors and stairs from sites in New Mills, Derbyshire and Wakefield. It also has distribution depots in Manchester, Leeds and Bristol.
More details will appear in the next issue of TTJ.
