Allan Graham and Matt Ingram, managing directors at Duff & Phelps and joint administrators to Multiyork Furniture Ltd, have announced that the company will begin a process of orderly wind down with the loss of 112 jobs, after no acceptable buyer emerged for the retailer
Multiyork Furniture Ltd is one of the most established quality furniture brands in the UK, with 50 retail stores nationwide and a manufacturing facility in Thetford, Norfolk. The company went into administration at the end of November, when as a result of trading losses, Multiyork could no longer meet on-going liabilities.
The administrators reported that while some offers had been made for the sofa specialist, they were not at a level that either produced an acceptable outcome for the company’s stakeholders or could guarantee the future stability of the business.
Allan Graham, joint administrator, Duff & Phelps, said: ‘Despite considerable effort from both the administrators and the senior management team at Multiyork, it has not been possible to agree a sale of the entire business yet.
‘We will continue efforts to sell all – or parts of – the business; but during this period of managed wind down, the process of selling in-store display items and other business assets will begin. We will also continue to fulfil customer orders.’
Report by Pat Sweet
