old

Furniture manufacturer KM Furniture is to cut 50 jobs at its North Derbyshire plant because sales are under budget, according to regional press reports.


The Chesterfield based producer — which sells mainly into the education sector — wrote to staff earlier in the autumn saying the cuts were necessary, according to the Derbyshire Times.


It claims to have seen a letter from finance director Tony McAleavy — who joined the business earlier this year — saying half year sales were £4.6m, £427k below budget.


KM Furniture is backed by investment group Graphite Enterprise Trust, and made £166k before tax on sales of £9.3m in 2012–13. Year to end March 2014 accounts are due at Companies House this month.


Staff numbers at the time of its last filed results totalled 139.