Anthony Fanshawe and Steve Adshead of Fanshawe Lofts were appointed joint administrators on Friday (12 August).

Adshead (pictured) said currency fluctuations on exports, share buy-back debt from five years ago and overheads had hit the firm's profit.

"And the forward order book for August and September was low, so the immediate prospects were not bright," he added.

The 1.7m turnover firm, which was established in 1975, laid off half of its 24 staff prior to the administrators being called by the directors. The administrators made one additional staff member redundant on Monday.

Adshead has had "several" approaches to buy the firm, which continues to trade. "So I am hopeful of getting an early sale and selling it as a going concern," he said.

Story by Darryl Danielli