Nearly 80 workers lose jobs after town business enters administration

It has been confirmed that nearly 80 employees have lost their job after a town business went into administration.Lynn-based Listawood Promotional Products, also known as AT Promotions, appointed two administrators on Monday.The company, which is located on Rollesby Road in the Hardwick Industrial Estate, ceased trading on Friday. It was a manufacturer of branded corporate drinkware, trading across the UK and Europe.

Ben Peterson and Lee Causer of BDO LLP were appointed as joint administrators.The business employed 78 people, and the majority of these were made redundant last Friday.A small number of staff members have been retained to assist the administrators in the short term. The Lynn News has been informed that the financial performance of Listawood has been impacted by a “long-term decline in demand” as a result of Brexit and the Covid pandemic, as well as increased costs and other “sector-specific challenges”.Ben Peterson, managing director at BDO and one of the joint administrators, said: “Despite the considerable efforts of management, the company has been unable to generate the level of trading profits and cash necessary to maintain sufficient production activity.“Although efforts were made to secure a sale of the business as a going concern, there was no viable interest received. “The joint administrators will seek to maximise realisations for creditors in line with their duties and will also ensure that employees impacted by the administration receive appropriate support.“Should any parties be interested in acquiring any assets of the company they should contact BDO LLP by email to BRCMTNorthandScotland@bdo.co.uk in the first instance.”Vistawood’s Facebook and LinkedIn pages have been deactivated, while its website now solely contains information on the administrators being appointed.