An auction of assets at the company’s leased 35,000ft2 Gloucester-site on July 19 followed the gradual shedding of all the 60 staff due to financial problems.
Assets in the auction include saws, moulders, edgebanders, spray booths and a variety of timbers such as American black walnut, purple heart and maple.
SWJ directors called in administrators Monahans after seeing its market eroded by cheap imports from the Far East and the loss of a contract with a German office furniture supplier.
“Cheap imports from Taiwan, Singapore, China and Korea had driven down the market,” said a Monahans spokesperson.
In the financial year ended June 2005, SWJ had a turnover of £2.5m but losses amounted to £117,000. The company tried to find alternative work and reduce overheads, with directors looking to restructure operations last year. Talk of a management buyout surfaced earlier this year but faded.
“The directors decided the business could not warrant further investment from the holding company and that’s when they called us,” added Monahans.
Administrators took over on May 26 and wound down the business, completing existing contracts.
SWJ Group had three operating divisions – joinery, contract furniture and a maintenance contract with GCHQ.
Many of the staff were long-serving, but most are now understood to have secured alternative employment.
