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.”
Utilises a team of experienced drivers to provide tailored logistics solutions, with a focus on home delivery services, whilst also offering complementary warehouse solutions. Serves 20 active clients from a wide range of sectors, including retail, i...
LEASEHOLD
Established for over 50 years.Provides a range of automotive electrical services including air conditioning, heating, tachographs, security systems, vehicle tracking and reversing aids for vehicle, plant and marine industries. Over 100 active clients...
FREEHOLD
Provides freight forwarding for a range of sectors, as well as warehousing and an array of other complementary services. Serves over 20 clients, with an 80% retention rate.Strong second-tier management team in place. Generates revenue on an internati...
LEASEHOLD
|
11
|
|
Aug
|
PPL Corp. seeks sale of Western Power Distribution | BUSINESS SALE
PPL Corporation has announced that it has put its UK utility...
|
10
|
|
Aug
|
Adelie Foods’ Urban Eat brand acquired by Samworth Brothers | BUSINESS SALE
Samworth Brothers has completed the £6.4 million acqui...
|
07
|
|
Aug
|
Wrexham-based wire firm falls into administration | ADMINISTRATION
Wire manufacturer Wrexham Wire has fallen into administratio...
Sign up to receive our acquisition alert emails to get your FREE guide
|
18
|
|
Mar
|
Laura Ashley enters administration as virus hits funding hopes | ADMINISTRATION
Home furnishings and fashion retailer Laura Ashley has filed...
|
13
|
|
Aug
|
Forensic science equipment supplier completes MBO | MBO/MBI
A private equity firm has backed the management buyout of a ...
|
21
|
|
Sep
|
Cycle retailer seeks buyer | BUSINESS SALE
Evans Cycles have entered the market and are on the hunt for...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources