Mancester-based Olympia Furniture - the previous supplier to Argos and Asda - has officially been closed, with 135 employees being made redundant.

The administrators - Ben Woolrych and David Thornhill of FRP Advisory - confirmed that the sale of the assets of the company is still continuing while employees had to be made redundant.

The furniture manufacturer was given a funding boost in November 2011 but was still not able to recover from its lucrative contract with Ikea, which it lost earlier that year.

Woolrych said the administrators are continuing discussions with a number of parties regarding the sale of the assets of the business.

'Unfortunately it has not been possible to achieve a sale of the business as a going concern and all employees of the business have now been dismissed. The administrators will continue to work with the customers and suppliers to the business in order to ensure the best possible outcome for creditors,' he said.