Keighley decorations firm to shed 190 jobs

Bradford Telegraph and Argus: Keighley decorations firm to shed 190 jobs Keighley decorations firm to shed 190 jobs

The scale of job losses at a Keighley Christmas decorations firm is more than treble what was first thought.

Nearly 190 people have been hit by the closure of Fuzzwire this week – devastating families in the run-up to the festive season.

But there is hope as it was revealed that Fuzzwire sold its contracts to an Austrian-owned group which could create new jobs.

Fuzzwire’s premises in Aireworth Road were locked and deserted after staff were told on Tuesday that their jobs had gone.

At first, it was thought 59 people were affected. But Bristol-based FRP Advisory, which is likely to be appointed administrators, revised that figure up to 187 – 65 full-time, 44 part-time and 78 self-employed workers who help with the installation of decorations.

FRP partner Andrew Sheridan said there was a huge amount of sympathy for those who have lost their jobs.

He said: “It is anticipated that the assignment of Fuzzwire’s contracts to new owners will create job opportunities with that company in the near term. But at this stage we can’t know how many jobs or where they might be.” FRP staff were scheduled to visit the Fuzzwire premises yesterday. All Fuzzwire’s contracts to install and remove Christmas decorations from malls have been sold on to MK Illuminations, part of a group which services more than 400 of Europe’s biggest retail centres. Mr Sheridan said: “This was to safeguard management of decorations already in place and their removal seamlessly to timetable in the new year. Also to ensure reinstallations of decorations at shopping malls in 2014 and beyond.

“In recent weeks, Fuzzwire has suffered a sharp deterioration in its financial position which put unsustainable pressure on cash flow. Despite efforts to attract external investment or sell the business as a going concern, no buyer has emerged. This meant directors had to take the regrettable decision to make all staff redundant.”

FRP Advisory partners Andrew Sheridan and Leeds-based Phil Pierce were yesterday appointed joint administrators of Fuzzwire.

Comments (3)

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2:19pm Sat 21 Dec 13

sorrow&anger says...

Here we go again. The rest of the country is enjoying a recovery and yet in Bradford it's one major redundancy after another; Barretts, Prospect, Provident and now Fuzzwire on top of the 700 jobs lost at the Council. How much longer is this going to go on?

We're comfortably in the top ten worst employment spots in the country. Any shrinkage in the jobless total is almost entirely down to sanctions and temporary work.

The Council has to face up to the fact that Bradford is not a great place to do business, and, whatever the festive jubilation at City Hall, building Westfield isn't going to solve our structural employment problems.
Here we go again. The rest of the country is enjoying a recovery and yet in Bradford it's one major redundancy after another; Barretts, Prospect, Provident and now Fuzzwire on top of the 700 jobs lost at the Council. How much longer is this going to go on? We're comfortably in the top ten worst employment spots in the country. Any shrinkage in the jobless total is almost entirely down to sanctions and temporary work. The Council has to face up to the fact that Bradford is not a great place to do business, and, whatever the festive jubilation at City Hall, building Westfield isn't going to solve our structural employment problems. sorrow&anger

2:31pm Sat 21 Dec 13

Grumpygirl says...

'a sharp deterioration in its financial position which put unsustainable pressure on cash flow'. This is accountant speak for 'the bank pulled the plug'. Probably because they couldn't wait until the invoices were paid in the new year.

Naturally the banks closed the company at their favourite time, just before Christmas.
'a sharp deterioration in its financial position which put unsustainable pressure on cash flow'. This is accountant speak for 'the bank pulled the plug'. Probably because they couldn't wait until the invoices were paid in the new year. Naturally the banks closed the company at their favourite time, just before Christmas. Grumpygirl

4:55pm Sat 21 Dec 13

ghaz08 says...

this is the banks for you when they feel like they will strike they are like a vernom snake there stink is worse than there bite i once was called in by my bank manager he was so jealous of me he couldnt understand why the previous bank manager had given me aloan for my bussiness he said cant believe your so young and you got aloan two weeks later got a letter saying please pay back your loan in seven days or we are taking action i was doing so well i made a noise higher up the chain that they had to appolgise this was more personal than bussiness ive never trusted the bank ever since
this is the banks for you when they feel like they will strike they are like a vernom snake there stink is worse than there bite i once was called in by my bank manager he was so jealous of me he couldnt understand why the previous bank manager had given me aloan for my bussiness he said cant believe your so young and you got aloan two weeks later got a letter saying please pay back your loan in seven days or we are taking action i was doing so well i made a noise higher up the chain that they had to appolgise this was more personal than bussiness ive never trusted the bank ever since ghaz08

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