Creditors of 33 furnishing businesses that have entered liquidation or administration are expected to suffer a combined shortfall of £23.3m, according to the latest Insolvency Digest.
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Among the affected businesses, Moontex Bedding Company Ltd owes unsecured creditors £287,000, while S&S International (UK) Ltd has left a shortfall of £484,000. Furniture manufacturer The Wood Works of London Limited faces a £1.9m deficit, with £1m owed to 59 consumer claims.
Penrose Products Ltd, a soft furnishings manufacturer, has left creditors £338,000 out of pocket, while Janan Sleep Ltd, a mattress manufacturer, has recorded a shortfall of £35,000.
Vama Kitchens Limited owes £156,000 to unsecured creditors, including £63,000 to banks, with an expected shortfall of £204,000. The fitted furniture installation business Oryx – Office & Fitted Furniture Installations Ltd owes £227,000 to unsecured creditors and is facing a total deficit of £450,000.
The largest reported shortfall is from The Sofa & Chair Co. Limited, with a total of £15.6m owed, including £2.3m to HMRC and £211,000 in customer repayments. Other significant cases include Hart Miller Design Ltd, which has a total shortfall of £754,000, and TheStore Limited, which owes £510,000.
The businesses affected span various furnishing sectors, including furniture manufacturing, retail, soft furnishings, and carpets. Many of the liquidators appointed are from firms such as Begbies Traynor, Leonard Curtis, and SFP Group.
With significant sums owed to HMRC, banks, employees, and customers, the insolvencies highlight ongoing financial struggles within the furnishing industry.
Source: www.bigfurnituregroup.com