Jobs have been lost after the appointment of administrators at an importer and wholesaler of fabrics.
Leicester-based VM Fabrics appointed joint administrators from Moore UK on 15 February 2022. All 17 staff have been made redundant.
The cessation of the company followed the passing of its director in July 2021. Subsequent to this, the firm’s financier withdrew its support and invoice factoring facility.
A statement from Moore said: “This withdrawal of support, combined with the company’s obligation to repay the significant sum due to the factoring company, adversely affected the company’s cash flow position.
“The joint administrators will be collecting outstanding debtors, selling any remaining chattel assets and ultimately maximising the return to creditors.”
