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.
Very busy hardware and DIY store situated in the centre of this busy small town in Derbyshire – substantial freehold property which offers spacious retail and ancillary space together with super family accommodation. Offers invited.
LEASEHOLD
This is one of the best convenience stores seen for some time – the premises have been fitted and equipped to the highest of standards more usually associated with the corporate national traders. Offers invited.
LEASEHOLD
Superbly fitted news and convenience store which has been in the same hands for over 20 years and has proved itself to be a highly profitable business for our clients who have earned a very good living indeed. Offers invited.
FREEHOLD
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