Thu, 14 Mar 2019 | ADMINISTRATION
A high-end furniture manufacturing business based in Hull has fallen into administration after citing “challenging market conditions” as the reason for its downfall.
The Kingstown Group, which trades from its two branches – Kingstown Furniture and Consort Furniture – was forced to call in business rescue and recovery specialists Leonard Curtis to handle the administration process, with partners Phil Deyes and Zack Minshull appointed as joint administrators.
Deyes commented: “The market conditions faced by these two companies has been extremely challenging.
“Both have seen turnover fall dramatically, impacted mainly by a sharp decline in discretionary spending by UK consumers.
“Economic uncertainty continues to influence spending decisions, with little foreseeable improvement in demand.”
Kingstown Furniture was known for designing and manufacturing a range of furniture for bedrooms and dining rooms which were supplied to reputable stores on the high street and retailers across the UK.
Despite internal restructuring attempts to prolong trading operations, the business was forced to appoint administrators who are now preparing winding down operations.
Financial information in the recorded accounts for the year ending April 2018 revealed a loss of roughly £400,000. Employees further noted that the company held a public sale of a proportion of its stocks in recent weeks.
Deyes continued: “We are now focused on closing down operations, working with the customers to fulfil orders […] We are also seeking urgent expressions of interest in the remaining assets of the Group, including the Kingstown and Consort brands, intellectual property rights and associated order book.”
Potential buyers are invited to express their interest in the business immediately.
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