Upmarket home furnishings business OKA, which had operations in the US and in the UK, has run into trading difficulties under the ownership of InvestIndustrial, which has owned it for around 6 years. Both the US and UK operations are affected.
Originally founded by Annabel Astor, who stayed on as a non-executive director, the OKA business is showing a loss of £17.6m in its latest accounts. Viscountess Astor resigned from it in May ’24 due to the results of an overambitious expansion in the US.
Having recently recruited Mark Saunders in February this year as its UK-based CEO, OKA Direct Ltd is to announce its intention to file for a CVA so that it can restructure to pave its way back to profitability.
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