Leeds-based distributor YCE Catering Equipment has revealed more details about what led up to the business entering administration on 28 August, as Catering Insight reported yesterday.
The firm’s directors were unable to find a buyer to take it over as a going concern and therefore the company ceased trading. All 25 members of staff, most of whom were furloughed, have been made redundant.
The company, which was established in 1980 and provided kitchen design, installation and maintenance services nationwide, was hit by financial difficulties caused largely by the impact of the coronavirus pandemic on the hospitality industry.
Julian Pitts and Richard Kenworthy of Begbies Traynor were appointed as joint administrators of the business and have received interest in the intellectual property and other assets of the firm from potential buyers.
YCE’s MD Nick Brassett detailed: “Following weeks of negotiations it is with a heavy heart that the administrators have been called in.
“A slower than expected 2019, compounded by the devastating effect of covid-19 led to a significant loss of revenue which, in the current climate, the business couldn’t recover from. We are devastated for our suppliers and our customers but particularly our team, many of whom have been with us their entire careers.
“We tried very hard to forge a way through these unprecedented times, but unfortunately without success. We’d like to thank everyone who has supported us throughout this process and worked with us during these last 40 years.”