A long-standing window dressings retailer and importer has filed a notice of intent to appoint administrators, signalling potential closure after decades of trading. The company, based in Sutton-in-Ashfield, employs over 30 staff and has been in business since 1986. It is now working on a solution that could preserve parts of its operations.
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Home Curtains UK, the business in question, is being managed through this difficult period by Dean Nelson of PKF Smith Cooper, who has been lined up to act as administrator. In a statement, Mr Nelson stated that 'Home Curtains UK has faced significant challenges over recent months, including rising costs and an unfavourable economic environment.' He further explained that his team is collaborating closely with the company's management to explore 'all available options to secure the best possible outcome for all stakeholders.'
The company plans to continue trading for the next two months, with stock being marked down to maximise sales in an effort to generate income. According to the latest financial report, dated February 2024, Home Curtains UK held £1.7 million in stock and more than £500,000 in cash. Despite these assets, the company has struggled with rising costs and a drop in consumer spending, leading to the move towards administration.
A statement issued on behalf of the company's directors acknowledged that placing the business into administration had not been a decision taken lightly. The directors cited the 'rising cost of trade and reduction in consumer discretionary spending' as the main reasons for the company's financial troubles. Despite the challenges, they remain 'optimistic that a solution may be found to preserve elements of the business and its legacy.'
The retailer is facing a difficult period, as rising inflation and reduced consumer spending continue to impact businesses in the discretionary retail sector.
Source: www.thefurnishingreport.com