Tue, 28 Nov 2017 | ADMINISTRATION
A British furniture manufacturer has called in the administrators amid a slowdown in consumer spending, with its 123 employees in risk of losing their jobs.
Feather & Black, a homeware brand that designs and sells premium bedroom furniture, appointed two administrators from Duff & Phelps earlier this week after facing a prolonged period of difficult trading.
According to Allan Graham, who was appointed a joint administrator of Feather & Black alongside colleague Matt Ingram, the retail group will continue to trade “in the short term” with every intention of honouring orders made up until 27 November.
The chain, which is headquartered in Chichester and has 25 retail stores around the country, is owned by the Wade family, which also owns another furniture retailer Multiyork which also fell into administration last week.
Feather & Black also sold products through its website and via concessions within Multiyork Furniture stores.
It was founded in 2004 and bought out of administration in 2005 by Charles Wade, who also took Multiyork out of receivership in 1995.
The Daily Telegraph reports that the Wade family had previously engaged advisors at KPMG two months ago to find rescue buyers for both businesses, though interest has dried up since amid signs that Multiyork was close to collapse.
Duff & Phelps’ Graham said that he was “confident” a buyer would be found and that recent economic slowdown for many retailers was predicted to bounce back.
He explained: “With inflation rising faster than wages, consumers are beginning to feel the pinch and have cut back on their household budgets. As a result of these tough trading conditions, Feather & Black Ltd could no longer meet on-going liabilities.”
The current Feather & Black management team is continuing in their current role and assisting the administrators throughout the process.
Extremely attractive and highly profitable sub-Post Office and convenience store which is situated in an unopposed trading position in the highly desirable and village of Feniscowles, in a semi rural surrounding, close to Blackburn Town Centre and wi...
LEASEHOLD
Fantastic opportunity to purchase a busy licensed convenience store. The store is a popular local business located on the busy Moorside Road of Urmston. The business has been well-run by the current owners for twenty years and is now on the market a...
LEASEHOLD
100% of the issued share capital of this long time established Hand/Power tools, bearings, bolts, and welding business. The company provides an efficient, reliable bolts and bearings service in East Anglia. Offers invited.
LEASEHOLD
|
20
|
|
Sep
|
Thomas Cook seeking 'last-ditch' fire sale | BUSINESS SALE
Thomas Cook Group is reportedly trying to piece together a l...
|
19
|
|
Sep
|
Smith & Williamson and Tilney to merge | MERGER
After revealing in August this year that talks were in place...
|
18
|
|
Sep
|
Infrastructure investment manager takes stake in LJLA | BUSINESS SALE
Infrastructure investment management group, Ancala Partners,...
Sign up to receive our acquisition alert emails to get your FREE guide
|
05
|
|
Feb
|
Furnishings company enters administration | ADMINISTRATION
Burnley-based manufacturer and designer of home furnishings,...
|
02
|
|
Feb
|
High street wine retailer Oddbins enters administration | ADMINISTRATION
Off-licence chain Oddbins has gone into administration. Its ...
|
22
|
|
Jan
|
Jewellery retailer enters administration | ADMINISTRATION
A Nottingham-based jewellery and watches company has fallen ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources