A Sydney furniture firm has collapsed into administration, locked out of its site and unable to deliver $500,000 in orders.
Customers of Inventis furniture brands may be left in limbo after five companies, including Bassett Furniture, Gregory Commercial Furniture, and Workstations, went into voluntary administration in late June.
The ASX-listed group owes nearly $30 million, according to ASIC documents.
The furniture companies operated out of Inventis’ premises in Arndell Park, Western Sydney.
However, in mid-June, the landlord locked the companies out of the property due to unpaid rent.
Administrators Simon Cathro and Andrew Blundell from Cathro and Partners wrote in a report that the landlord issued a termination requiring the site be vacated by June 30.
The companies’ trading was stopped as soon as the administrators were appointed to avoid racking up even more debt.
The administrators found an order book which showed a whopping $500,000 worth of stock was owed to customers.
Sydney furniture company Inventis furniture has collapsed into administration
It also showed the company was too far gone in to be able to deliver the goods as the lead time to produce the items was well into the future.
The Inventis Group is…