A PRESTEIGNE-based timber frame manufacturing company has gone into administration, leaving around 40 people redundant.

Frame Wise Limited released a statement on its website to say it had appointed W John Kelly and Mark Malone, of the Birmingham office of Begbies Traynor, as joint administrators of the company on February 24.

The statement said recent losses and a bad debt gave rise to cash-flow difficulties which gave rise to the directors seeking the protection of an administration order.

Trading has ceased and the workforce of approximately 40 people have been made redundant.

“However, the administrators believes it provides an ideal opportunity for an investor who could be interested in purchasing a well established award winning business that was well on the way to creating a “heatless housing” concept,” the statement said.

Anyone interested should contact the administrators by emailing Birmingham@begbies-traynor.com or calling 0121 200 8150.