Over 250 facing the axe as Apollo 2000 and Arrow collapse
About 250 people will be losing their jobs after two West Midlands electrical appliance firms collapsed.
Sandwell-based Apollo 2000 and Arrow Distributors, from Worcestershire, were shut down because of a drop in sales due to the credit crunch.
Twelve Midlands stores run by Apollo 2000 will be closed and the majority of the 180-strong workforce will be made redundant.
And 92 redundancies have been made at Arrow Distributors, which supplies electrical and gas appliances, and other products to housebuilders.
Both companies were part of the Cranham Group, which is also based in Worcestershire and has three businesses making electrical goods.
Nick Barrett, the chairman of the Cranham Group, said: “After 38 years this is a sad day for the Cranham Group and the Apollo 2000 and Arrow Distributors businesses. Despite our best efforts to secure a sale we were ultimately left with no choice but to request the appointment of administrators.”
Kitchenware firm Apuro Limited, the other part of the Cranham Group, has not been affected.
Mark Orton and Richard Philpott from KPMG were named as the administrators for the two firms.
Will Wright, the head of the restructuring team at KPMG, said: “The Group has been adversely impacted by the downturn in the property market and the general decline in retail sales.
"Despite the directors’ best efforts to secure a sale or refinancing of the Group and its trading subsidiaries prior to our appointment, they have been unsuccessful. Therefore the directors were left with no alternative but to request the appointment of administrators.
“Following our appointment we have had no option but to cease trading these businesses immediately, regrettably resulting in a number of redundancies.
“I would urge the small number of affected customers of Apollo 2000 to use the customer helpline as soon as possible to ensure a quick response to their queries.”
Administrators have set up a customer helpline for anyone who has had a transaction affected by the collapse of the company. To contact the hotline ring 0121 507 9000.
