Page last updated at 16:59 GMT, Thursday, 1 October 2009 17:59 UK

Furniture company to axe 245 jobs

About 245 jobs are to be lost at a Merseyside-based office furniture company after it was placed in administration.

Dams International, based in Knowsley, was placed in the control of administrators KPMG on Wednesday.

The company which has 327 employees, is to make 180 job cuts on Merseyside and another 65 at its depots in England and Scotland, said KPMG.

Dams, which was established in 1967, had a turnover of £42m in 2008.

The firm operates from its manufacturing base in Knowsley, with a showroom in central London and regional distribution centres in Hertfordshire, York, Glasgow and Somerset.

The company was forced into administration when it ran out of cash, added KPMG.

It will now go on sale to see if a buyer can be found.

Paul Flint, associate partner at KPMG, said: "Over the course of the last 12 months, Dams International has experienced a significant fall in turnover as a result of the economic crisis which, coupled with a failed strategic expansion into outsourced logistics, has resulted in extensive trading losses over the last year.

"Despite the firm's restructuring efforts to date, the business has run out of cash and is now facing severe creditor pressure."



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