Giomani Designs, a home furnishings manufacturer and eCommerce business has acquired Moda Furnishings (MF) after MF had filed notice of its intention to appoint administrators.
Moda, which operated with six showrooms along with its head office had recorded sales of £34m for the year to October 2021 but had yet to file its 2022 accounts.
Moda had been a beneficiary of pandemic lockdowns with consumers spending freely on significant home improvements and enhancements. However it, like many others, hadn’t reckoned on the impact that the cost of living crisis would have on consumer sentiment and was left paying dearly for stock that would prove to be difficult to sell, having also incurred much higher freight charges to bring it into the country. As most of its competitors found themselves similarly challenged, many were discounting very heavily to reduce inventory levels and stay in business.
The deal with Giomani Designs has saved all 75 jobs at Moda and includes all premises.
Aamir Khurshid of Giomani Designs commented: “Moda is a well-established retailer with a strong brand and market-leading product. We are pleased to be investing in the future of the business and look forward to welcoming Moda’s employees into the Giomani Group.”
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