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Leicester-based company, Clements, has appointed Midlands-based advisory and accountancy firm PKF Smith Cooper to lead the process of the company’s administration.
Due to the company’s inability to recover from its previous losses, PKF has been brought in to deal with the business and its assets.
It is reported that Dean Nelson and Nick Lee, both business recovery and insolvency partners at PKF, have been handling the case as administrators since 4 October 2022.
As a designer, manufacturer and installer of retail interiors, as well as provider of marketing, branding and logistical support to global manufacturers, Clements has reportedly experienced “significant” financial losses in 2020 and 2021 as a result of reduced demand, project delays, and customer bad debt attributed to the Covid-19 pandemic.
Dean Nelson, partner at PKF Smith Cooper, said: “Creditors have been provided with the relevant information regarding the administration process, to enable them to partake in proceedings.
“We are in the process of dealing with all enquiries and working to assist the affected employees with processing their claims for statutory entitlements at this difficult time. We will strive to achieve the best outcome for everyone involved.”
