A West London-based upholstery business has three months to avoid liquidation after defaulting on its debt obligations. The high-end furniture brand primarily catering to trade customers, Sofa & Chair Co., is facing a winding-up hearing on February 17, 2025.
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William Batty of Antony Batty & Co., who has been managing the company's financial restructuring since 2022, filed the petition this autumn after the company breached its Company Voluntary Arrangement (CVA) in spring 2024.
Originally intended to ease millions in liabilities, including a £4.75 million claim from HMRC, the CVA failed to stabilise the business. Sales have plummeted from £18 million to £12 million, with the company losing clients due to the stigma of its CVA status.
Despite attempts to rescue the business, no viable solutions have been found. Unless new funding or a buyer surfaces before February, liquidation seems inevitable, leaving the company's future in jeopardy.
Source: www.thefurnishingreport.com