A long-established London-based bedding retailer has entered liquidation, marking the end of nearly 40 years of trading. The company was placed into liquidation on Thursday, January 9, 2025, through the management of Avner Radomsky and Michael Goldstein from restructuring firm RG Insolvency.
Photo: Dreamstime.
Vic Smith Bedding, trading as Vic Smith Beds, operated stores in Southgate and Enfield, with a third location in Whetstone believed to have closed in 2024. The retailer's financial struggles have resulted in a substantial shortfall of £503,412, with creditors now facing significant losses. The largest external creditors are lenders Funding Circle, owed £124,885, and Barclays, who are owed £41,601. The biggest bed industry creditor is Birmingham-based bed maker Tendersleep, with a debt of £46,558.
In an attempt to continue trading, the company's owner incorporated a new business, Enfield Bed Shed, in November 2024. However, despite this effort, the liquidation represents a major setback for the business.
The retailer's closure highlights the ongoing financial challenges faced by traditional bedding retailers and the impact of insolvency on both the industry and local creditors.
Source: www.thefurnishingreport.com