OVER 100 people have lost their jobs after a furniture company in Kidderminster has collapsed.

Wyvern Furniture in Hartlebury has suffered huge losses due to the Covid pandemic and the loss of a key supply chain.

During the first lockdown the company was forced to close and was faced with significant input cost increases in the second half of the year.

In 2021, Wyvern lost a key supply chain finance facility following the failure of Greensil Capital and suffered a reduction in orders and sales in the summer months.

Diana Frangou and Chris Lewis of RSM Restructuring Advisory LLP were appointed as joint administrators of Trade Business Limited, which trades as Wyvern Furniture, on Friday, October 1.

Trading was paused whilst administrators tried to find a buyer.

However, one could not be found, and Wyvern Furniture has now ceased trading on a permanent basis.

The company’s 113 employees were immediately made redundant.

Diana Frangou, a restructuring advisory partner at RSM and joint administrator, said: “The cashflow issues were such that following the lack of a buyer for the business the director had no alternative other than to place the company into administration.

“Regrettably, we have had to make the staff redundant, and our first priority is to assist them both with making their claims from the Redundancy Payments Office and offering general support and advice."