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Friday, 20 September 2013

Castle Kitchens in Liquidation

Castle Kitchens, with a long history in Plymouth going back to Victorian times, it to be placed in liquidation on the 1st of October.  The company used to break up wooden ships for recycling but diversified into kitchens in 1955.  The business was bought in 2004 by the former directors of the Clay mining firm WBB.

Michelle Weir, a partner at Lameys, the insolvency practitioner appointed to the case said: "The company has been a victim of the effects of the recession which has seen the sales of luxury items like kitchens reduce dramatically.  "The severe effects of recession over the past four to five years have taken their toll on the business which has led to its demise."

The c. 18,000sq ft building that Castle Kitchens occupied, which also contained a warehouse section, has been put up for sale at £720k or it can be rented for £75k.

So what actually happens in a liquidation?

Have a look at our flowchart of the whole process

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