The insolvency of a major furniture retailer is set to enter its sixth year next month, with restructuring advisors still working to recover funds for creditors. The company, Beaumont Beds, once operated 10 stores but was placed into administration in March 2019.
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Quantuma Advisory, the firm handling the case, has been pursuing legal action to recover an £80,000 loan made by Beaumont Beds to Exclusive Furniture, a related business with shared directors and shareholders. Exclusive Furniture acquired certain assets of Beaumont Beds after its collapse.
Quantuma has also been investigating the company's trading activities and has identified 'potential recovery actions that could be made against the directors'. Legal advice has been sought regarding these matters, though further details have not been disclosed.
When Beaumont Beds failed, creditors faced an initial estimated shortfall exceeding £2 million. However, this has since been revised down to just over £1 million. Efforts to recover outstanding funds are ongoing as the insolvency process continues.
Source: www.thefurnishingreport.com