A UK-based upholstery retailer has been placed into liquidation, leaving creditors facing a predicted £12.6 million shortfall, more than half of which is owed to HM Revenue & Customs in unpaid tax.
Photo: The Sofa & Chair Co.
The company, which had previously operated under the name The Sofa & Chair Co, has formally entered liquidation through Antony Batty & Co, with William Batty overseeing the process.
The move follows a company voluntary arrangement (CVA) that had previously been in place. Despite the liquidation, the owners of the business have pivoted to a new brand, Larkbury London, which continues to operate both online and from a large showroom in west London. The new brand primarily serves consumers and interior designers, continuing to trade after the closure of its predecessor.
This development marks the end of the retail business's operation, as its debts and financial struggles led to the formal liquidation process.
Source: www.thefurnishingreport.com