10 jobs lost as Sidley firm folds

Its managing director, who has only a short time to live after being diagnosed with terminal cancer, claimed suppliers had forced him into liquidation.

The sudden closure left well over 12 suppliers owed hundreds of thousands of pounds by The Woodcut Trading Company, specialist suppliers of wood working machinery, power tools, hand tools and accessories.

In a devastating statement the managing director Paul Merry of M+M Distributors Ltd, trading as The Woodcut Trading Company accused suppliers of forcing him into liquidation.

After a successful exhibition with the firm at Wembley in February he underwent various investigations at the Conquest Hospital and was unable to run the business as he wanted.

"A number of suppliers took the decision not to support the De La Warr show or supply stock" the statement said.

"This action, while regretted, was understandable as many rumours continued to be spread."

He claimed a consortium of four major suppliers conspired in secret to bring an end to the business by trying a dawn raid to collect all they could in the way of stock.

The local police were called in to secure the premises.

"The company was forced into a corner by the four companies and I was forced to protect those other creditors by calling in a receiver to liaise with police to protect large stocks held by M+M." said Mr Merry.

"It is my firm belief that given just another week or so no-one would have lost out."

Yesterday half a dozen suppliers were given entry to the building to do an itinerary of their stock.