John Russell and Andy Wood from The P&A Partnership have been instructed to place Lincolnshire independent electrical retailers Yates & Greenhough Limited into liquidation.
The 40 year old family business based in Boston ceased trading last Friday (24 February) with the loss of 15 jobs.
Andy Wood said: “The business could no longer compete with internet sites and supermarkets selling discounted electrical goods. It is a sad day for Boston and the surrounding area that such a long established name as Yates & Greenhough Limited will no longer be able to serve the local community with a high level of personal and quality service.”
Mr Wood explained that Yates & Greenhough Limited closed two shops in Horncastle and Skegness some months ago to concentrate on its branches in Boston and Spilsby.
He added: “The directors did all they could to turn the business round. Unfortunately it is another High Street retail casualty caused by the evolution of how we prefer as a society to shop online and at the larger supermarkets, rather than pay a little extra and support local independents.”
The P&A Partnership is a leading specialist business turnaround and insolvency firm with offices across the UK and in London. Their support for businesses includes restructuring, finance brokering, debt collection and selling assets.