Bathrooms supplier Longmead collapses

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Longmead Group called in the administrators just days after admitting in a statement that difficult trading conditions had crimped its cashflow.

But it had also been hit by the decision by Homebase, one of its biggest customers, to ditch it in favour of cheaper overseas suppliers.

Longmead shares were suspended on AIM as it attempted to launch a rescue.

However such a deal was not forthcoming, and today PricewaterhouseCoopers administration officials Ross Connock and Robert Lewis were called in.

They have made 16 of the 25 staff at the firm's Axminster, Devon, factory redundant, but are optimistic about being able to sell the business with its freehold property.

The Devon-based company does not appear to have any major shareholders other than individuals including chairman Raymond Newman, who in July admitted: "We cannot be other than pessimistic about the outcome for the year."

He added that: "The last six months have been particularly difficult, with an air of pessimism pervading the whole industry."