FORMER Argos flatpack cabinet supplier Ashcraft Furniture Limited has been placed into liquidation, its second failure in just over a year.

James Martin of insolvency firm CCW Recovery was appointed liquidator of the Gloucestershire company last month, with the business owing approaching £500,000 to creditors.

The Cheltenham business had been acquired* in a prepack deal last summer (see related) with hopes the enterprise could be rekindled thanks to a contract to supply furniture for Argos’ Autumn/Winter 2015 catalogue.

Argos had been a substantial customer in years prior, with Ashcraft making seven figure profits on sales of £10 million as recently as a decade ago.

Crown debt represents the lion’s share of the creditor shortfall. For more, refer to today’s Debt Report.

* Ashcraft Furniture Limited changed its name from AFL International Limited

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