Tue, 06 Aug 2013 | ADMINISTRATION
Curtain retailer Mostyns is to close down after being placed into administration.
Steve Adshead and Greg Palfrey of Smith & Williamson, have been brought in to manage the affairs of Dorset-based Mostyns Curtains Ltd and organise its winding down process.
WCDI Ltd rescued Mostyns out of administration in September 2012, with the purchase of the business and assets of Mostyns Ltd and Mostyn Group Ltd, paying £398,792 for the assets.
At the time of entering administration, Mostyn operated 35 shops with over 180 staff running its head office, manufacturing and sales.
The business, which dates back to 1950, had been subject to tough competition from online retailers of similar soft furnishing products. The administrators told Insider Media: “Despite a restructuring of the business in September 2012, the difficulties have sadly proved insurmountable.”
The administrators added that it was not possible to sell the business as a going concern and the only option was to put it into administration with a full store closure. Mostyns’ stock has been sold on to an unnamed buyer.
Existing orders for its curtains, blinds and bedding will be fulfilled over the next few weeks as the factory and customer service team remain in place temporarily, solely for this purpose.
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