Nationwide insolvency practitioner, SFP, has completed a sale of the business and assets of a bespoke furniture solutions company, saving the jobs of all 12 employees in the process and maintaining the good will of customers.
The independent company was established in 2013 to sell bespoke, high end furniture using a range of expert, family owned workshops across Europe to deliver solutions for the entire home. It had two premises in London and despite a turnover of £2.7 million last year, the Company fell into financial difficulties.
Directors of the company realised that they had insufficient funds to cover the debts and were unlikely to obtain further funding to continue trading. So, the Directors sought the appointment of Simon Plant and Daniel Plant of SFP as Joint Administrators on 30th November 2018.
Agents undertook a marketing campaign and a valuation of the business. Following the passing of the deadline, a sale of the business and assets was completed to a buyer and all employees have been transferred.
“A valuation of the Company’s business and assets was completed and marketed for sale by the appointed agents,” says Daniel Plant. “An offer has been accepted from a buyer. All jobs were saved and the new owner is well placed to take the business forward.”
“We are pleased that all employees can continue their employment following their TUPE transfer to the purchaser. As SMEs come under increasing cash flow pressure during tough trading conditions, contacting restructuring experts at the earliest opportunity can see the preservation of a business.”