Losses and cash shortage take their toll on Dams

1st October 2009 | contract | A fourth consecutive year of losses has broken the back of office furniture manufacturer Dams International, which has gone into administration.

Insolvency specialists KPMG will endeavour to find a buyer for parts of the £42m business, but close to 200 of the firm's 300+ staff are expected to be made redundant. Sales had fallen from £48.2m to £42m in the year to the end of September 2008 - the period when the current economic crisis escalated.

The firm had already recorded a pre-tax loss of £1m, and in the three immediate years prior made losses of £117k, £299k, and £669k.