Eighty workers have lost their jobs at the Sheffield based Inman Electrical applaince distributor after it experienced financial problems.
Joint administrators Howard Smith, Mark Firmin and Paul Flint, from accountants KPMG, shut Orgreave-based Inman Electricals after deciding they were unlikely to sell it as a going concern.
Director Chris Wright blamed price erosion, shrinking margins, punitive distribution costs and unfair competition from supermarkets, ‘trade’ warehouses and internet suppliers for the move.
Fifteen of the staff have been retained temporarily to help wind down the business, which supplied electrical goods to customers who included institutional buyers like organisations running university flats and halls of residence, the leisure industry, company kitchens developers of new homes and independent retailers.
Inman had distribution centres in Sheffield, Bristol and London.
The collapse comes just a few years after the company was expanding and launched its own In-Cuisine range of domestic appliances.
The long-established company prided itself on providing enhanced features, product guarantees and service, instead of competing on price and seeking to gain revenue by selling extended warranties.
A spokesman for the administrators said Inman had a turnover of £20 million and 78 employees, but margins were shrinking in a competitive market and that, combined with cashflow problems, led to its insolvency.
So far as we are aware Swift Eelctrical have purchased the stock that was held by Inmans and Swift seem to have picked up many of Inman’s accounts.
Ihow could the management let this happen? It is a tragedy for the eighty staff who have lost there jobs. What a shame
In reply to Margaret’s short sighted comments, the company was the victim of the current general malaise and recession out there.Margins got tighter, distribution costs went up exponentially , the internet threat became stronger – need I say any more. The management worked tirelessly to the end under onerous circumstances and pressures.
Still living in your big posh house Chris?
iam x costomer [r v tradeing bridgwater shopping centre]what the cost of intergrated washing manchine please reg
£20 million and 78 employees. So I take it the management managed to scramble most of that £20m – even if you were ‘victim of the current general malaise and recession out there’ that just proves that you should not be in management. However I bet you got that new job asap in a cushty management role with a decent ammount of swag from the closure of Inman and left all those others that had made you a fortune in the first place, in the dust. Probably where you think they belong. No love for champagne swilling swag-artists.
Truthbomber your comments are rather infantile. The Wright family were good people and very honourable. Chris and Mr Wright helped me a great deal in difficult personal times and were there for me, Unlike certain other smarmy Directors who were selfish and hurt the company with their less than honest practices and were interested only in there own well being and egos.R.I.P – Mr Wright
Best time of my working life was spent at Inmans but what a shame the management are all a complete set of idiots should have brought back mike Bedford John gaunt Charles wright and I bet it would still be going strong, shame on you all
Unfortunately greed was the main cause of the collapse of the company
Margins were running at 20% this is what we were told to make
This was mainly done through the mix of brands with a high proportion of own brand
However at the time of the difficulties customers wanted a good brand at a keen price
All the management were given the information — Earn less sell more !!!!
DAD is still going —– Proof is in the pudding
It saddens me to see such an iconic business fall after fifty years
We will continue to fly the flag here in Australia