Upholstery chain falls into administration

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.”


Share this article



Latest Businesses for Sale

Day Spa
Manchester, UK Wide

A very reputable, award winning, day spa offering a selection of rejuvenating treatments is available in the bustling city of Manchester. Offers invited.

Asking Price: £315,000
Turnover: £600,000

LEASEHOLD


Automotive Repair Business
Gloucestershire, UK Wide

This is a longstanding automotive repair business in Gloucestershire, now available for an interested buyer to purchase. Offers invited.

Asking Price: £925,000
Turnover: £414,249

FREEHOLD


CNC Precision Engineering Firm
Isle Of Wight, UK Wide

A remarkable opportunity has emerged to acquire an established precision engineering business which has cemented solid foundations since it began trading in 1998. Offers invited.

Asking Price: £1,200,000
Turnover: £907,946

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
21
 
Apr
 

Cambridge artificial intelligence / machine learning company bought by customer | BUSINESS SALE

Early stage advanced data analysis company Rinocloud has bee...

 
19
 
Apr
 

Accountancy firm to expand in Scotland | BUSINESS SALE

A UK-based accountancy firm with offices peppered across the...

 
18
 
Apr
 

Recruitment firm acquires counterpart | BUSINESS SALE

Swindon-headquartered recruitment company Outsource UK has s...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
21
 
Sep
 

Cycle retailer seeks buyer | BUSINESS SALE

Evans Cycles have entered the market and are on the hunt for...

 
15
 
Jun
 

Cumbria hotel on sale for an undisclosed price | COMMERCIAL PROPERTY

A Georgian hotel from the 19th century has been put on the m...

 
20
 
Feb
 

Electronics specialist Maplin searches for buyer | BUSINESS SALE

Electronics retailer Maplin is reportedly in crisis talks wi...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources