Thu, 23 Nov 2017 | BUSINESS SALE
A company that makes and sells luxury furniture is hoping to sell up after difficult trading conditions forced the Norfolk-based firm into administration.
Multiyork, which was founded in 1979, has almost 50 stores across the UK and employs just under 550 staff. It manufactures luxury furniture items at a facility in Thetford, near Norwich, but started trading from a small village in Suffolk.
Poor operating conditions and a downturn in the UK retail sector meant that the business went into administration on 22 November, with Allan Graham and Matt Ingram from Duff & Phelps appointed as joint administrators.
Multiyork’s management team are staying on in their current role and are lending support to administrators throughout the insolvency process, the firm says. All orders placed up until 22 November are being reviewed with the intention that they are all completed.
Graham said that conditions were exacerbated by economic uncertainty, rising commodity prices and soaring business rates, as well as a higher cost for important raw materials and products.
He continued: "This appears to be leading to a sharp fall in consumer confidence and less money being spent on discretionary items.
“Many now face higher borrowing costs, given the rise in interest rates, which will only serve to heap further pressure onto household finances. This has impacted certain sectors particularly hard and as a result of trading losses, Multiyork could no longer meet on-going liabilities."
According to reports, the furniture firm turned over £50.4 million in the year up to 2 October 2016, compared with £47.8 million that Multiyork took in for the previous year.
It also recovered from a pre-tax loss of £700,000 in the same period, making a profit of £479,000.
This specialist subcontractor, operating through two divisions, offers comprehensive drylining, steel framing systems, and decorating services, boasting a strong foothold in a high-barrier sector across South East England. With an established network...
This company represents a lucrative acquisition opportunity with its established reputation and strong blue-chip client base, providing consistent, repeat business. It offers a comprehensive range of construction solutions, including project manageme...
This well-established dental practice in North West London, with a history of over 20 years, boasts consistent revenue growth and a high UDA rate within its largely NHS-based revenue stream.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.