Photo © AP Monblat (cc-by-sa/4.0)
Today, Multiyork, a furniture chain, collapsed into administration, putting nearly 550 jobs across the United Kingdom at risk.
Duff & Phelps, which ran the insolvencies of Rangers Football Club and BHS, have been appointed as the administrators of the 39-year-old firm.
Multiyork operates across fifty (50) retail stores nationwide and has a manufacturing facility that is located in Thetford, Norfolk.
Allan Graham, the joint administrator, said: “Trading conditions for UK retailers continue to be difficult due to a number of factors including economic uncertainty, rising commodity prices, increasing business rates and the fall in the value of the pound which has increased the cost of importing raw materials and products.”
“This appears to be leading to a sharp fall in consumer confidence and less money being spent on discretionary items.”
Duff & Phelps stated that it was reviewing all orders that were placed up to the 22nd November. With the help of the management, administrators plan to trade the business for a “short period as we look for a buyer.”
Graham continued: “We are hopeful we can find a buyer and we are asking interested parties to come forward as quickly as possible.
“We ask that customers who have placed orders be patient during this time and you will be contacted with further updates in relation to your order shortly.”