Mon, 11 Jun 2018 | ADMINISTRATION
Fabb Sofas, the furniture retailer founded in 2016 by billionaire Lord Kirkham, has fallen into administration after failing to “meet payments as they fall due”.
The company was unsuccessful in finding a buyer and thus appointed PwC as its administrators. Toby Scott Underwood and Peter David Dickens of PwC, who have been appointed as the joint administrators of the company, stated: “Despite achieving significant revenues in such a short period, the business remained reliant on external funding to support trading losses.”
Lord Kirkham is reported to have a net worth of £1.2 billion according to the 2018 Sunday Times Rich List. The 73-year-old Conservative Party supporter started Fabb Sofas with a single outlet in Southampton, and has since grown the chain to nine stores across the country.
The company, however, has tackled challenging market conditions as buyers have cut down on purchasing more expensive items.
Kirkham is also the founder of DFS, which started in 1969 in an old billiard hall in Doncaster. The business was sold to private equity firm Advent International in 2010, and reportedly earned him £300 million from its sale.
Analysts at DFS’s brokers, Peel Hunt, said: “Many saw Fabb as a possible disruptor, so this is clearly good news for the likes of DFS.”
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