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Mark Two ceases trading and lays off 200 staff

Around 200 employees have been laid off from Mark Two Home, following the company’s announcement that it has ceased trading with immediate effect.

The move comes just days after Dave Cullen, the CEO of Mark Two's parent company Ultra Finishing, said it would be “very difficult” for the division, which operated Tesco's kitchen and bathroom business, to continue trading.

Tesco announced last week that it was closing its kitchen and bathroom fitting business, following a review of its relationship with Mark Two, which had operated the venture since it launched in 2008.

A spokesman for Mark Two said laying off staff was “an inevitable consequence of Tesco’s sudden termination of its contract”, adding: “Tesco’s abrupt decision means that the Mark Two Home business is no longer viable in its current form and the home selling division has ceased to trade with immediate effect.”

The spokesman said directors at the company were working with professional advisors regarding money owed to staff who have been laid off. In addition, consultations were being held to “save the remainder of the business”, which employs a further 150 members of staff.

Source : http://www.kbbdaily.com.

Read the full article here.

19 November 2014

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