Chris Pole and Mark Orton from KPMG’s Restructuring practice were appointed as joint administrators of Tienda Limited on 4 January 2019.
Based in Grantham, the company is an interior fit out specialist and was working on a number of live contracts at the date of the appointment.
As a result of the administration, the company has ceased taking new orders; however, it is in discussion with its customers regarding completing live contracts.
14 members of staff have been made redundant. The joint administrators have retained five members of staff to assist them with the administration.
Chris Pole, partner at KPMG and joint administrator said: “The business has recently experienced short-term cash flow challenges, and was unfortunately unable to obtain any additional funding or investment to overcome these issues and allow them to continue trading.
“In the immediate term, we are undertaking a review of the live contracts to ascertain whether we are able to complete these over the coming weeks. We are also seeking buyers for the company’s assets and would invite interested parties to contact us as soon as possible.”