Majestic shuts up shop

Sutton Coldfield-based distributor Majestic Distribution has ceased trading pending a meeting of creditors.

Sutton Coldfield-based distributor Majestic Distribution has ceased trading pending a meeting of creditors.

The company last filed accounts in 1999 with a net profit of £212,000 on a turnover of £26.6m, according to sources. It is the latest UK distributor to fall victim to a downturn in trade. Creditors are currently waiting for last year's figures to be filed.

Ron Speight, partner at Birmingham-based accountancy firm Moore, Stephens, Booth, White confirmed to CRN that a creditors meeting has been arranged for 26 January. He also confirmed that all staff at the firm have been made redundant.

Nitin Joshi, director at accountancy firm Pannell Kerr, Forster told CRN he will be attending the meeting to represent a number of creditors.

"We hope to find out from the directors of the company exactly what happened and also what dividend is to be proposed for creditors," Joshi said.