Mon, 14 May 2012 | ADMINISTRATION
Furniture retailer Clement Joscelyne has been placed into administration, with administrators appointed to sell the business as a going concern.
After experiencing a drop in trading over recent months the directors called in FRP Advisory to act as the administrators. A buyer is now being sought for the 130-year-old retailer, which has a 91-strong workforce and reported sales of £10.5 million in 2011.
Founded in 1878 by Mr Clement Joscelyne, the family-run firm sells furniture from various locations in the South East of England. Its shops are in Cambridge, Brighton, Norwich, Brentwood, Bury St. Edmunds and Bishop’s Stortford. Additionally it owns Ligne Roset shops in London and Charles Page in Swiss Cottage, London.
The store in Bury St. Edmunds has been closed and a total of 20 employees made redundant across eight stores. The remainder of Clement Joscelyne is operating while a buyer is sought for the business and assets.
The retailer sells a mixture of traditional and modern furnishings for every room of the house, along with children’s furniture, accessories and gifts.
Joint administrator Mr Mummery commented: “The difficult decision was made with directors to place the company into administration in order to retrieve the best possible outcome for creditors, the business and employees.”
The administrators are working to fulfill existing customer orders.
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