Accrington-based Nield Group has gone into administration. Joint administrators Bill Dawson and Ian Brown, from the Manchester office of Deloitte & Touche, were appointed on April 11.
Dawson said the group had been making a loss, which had caused cash flow difficulties, and a turnaround plan based on property-based cost reductions had not worked in time.
The company is trading in administration while a buyer is sought, but 38 staff were made redundant on April 11. Dawson added: "We are seeking to sell the business as a going concern and are in the process of talking to interested parties."
The administration comes less than a year after a management buy-out of the company.
Nield Group is a member of Today's Group and specialises in toiletries and household products. It has a 60,000sq ft distribution depot in Accrington and a 25,000sq ft cash and carry in Manchester. Turnover was £38m a year.
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