Allan Graham and Matt Ingram, both of Duff & Phelps Ltd, were appointed Joint Administrators to Multiyork Furniture Limited on 22nd November 2017.
Multiyork Furniture, founded in 1978, is an established quality furniture brand in the UK, with 50 retail stores nationwide and a manufacturing facility in Thetford, Norfolk. The business has a highly skilled workforce manufacturing a range of upholstered furniture and employs 547 staff across the business.
Allan Graham, Joint Administrator, Duff & Phelps, stated: “Trading conditions for UK retailers continue to be difficult due to a number of factors including economic uncertainty, rising commodity prices, increasing business rates and the fall in value of the pound which has increased the cost of importing raw materials and products. This has impacted certain sectors particularly hard and as a result of trading losses, Multiyork could no longer meet on-going liabilities,” he added.
The current Management Team is continuing in their current role and assisting the Joint Administrators during the process. Allan Graham continued: “The Joint Administrators and Management are currently undertaking a review of all orders placed up to 22nd November and it is our intention that all orders be completed. We intend to continue to trade the business for a short period as we look for a buyer. We are hopeful we can find a buyer and we are asking interested parties to come forward as quickly as possible,” concluded Allan Graham.
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