Hull furniture manufacturer enters administration

Thu, 14 Mar 2019 | ADMINISTRATION



A high-end furniture manufacturing business based in Hull has fallen into administration after citing “challenging market conditions” as the reason for its downfall.

The Kingstown Group, which trades from its two branches – Kingstown Furniture and Consort Furniture – was forced to call in business rescue and recovery specialists Leonard Curtis to handle the administration process, with partners Phil Deyes and Zack Minshull appointed as joint administrators.

Deyes commented: “The market conditions faced by these two companies has been extremely challenging.

“Both have seen turnover fall dramatically, impacted mainly by a sharp decline in discretionary spending by UK consumers.

“Economic uncertainty continues to influence spending decisions, with little foreseeable improvement in demand.”

Kingstown Furniture was known for designing and manufacturing a range of furniture for bedrooms and dining rooms which were supplied to reputable stores on the high street and retailers across the UK.

Despite internal restructuring attempts to prolong trading operations, the business was forced to appoint administrators who are now preparing winding down operations.

Financial information in the recorded accounts for the year ending April 2018 revealed a loss of roughly £400,000. Employees further noted that the company held a public sale of a proportion of its stocks in recent weeks.

Deyes continued: “We are now focused on closing down operations, working with the customers to fulfil orders […] We are also seeking urgent expressions of interest in the remaining assets of the Group, including the Kingstown and Consort brands, intellectual property rights and associated order book.”

Potential buyers are invited to express their interest in the business immediately.

For more news stories about administrations click here. For all our administrations listings, click here.


Share this article



Latest Businesses for Sale

Pottery Items & Ceramic Decals Manuacturer
Midlands, UK Wide

Offers a range of kitchen, dining and gift pottery items, including fine bone china, fabrics and melamine products, for a mixture of commercial and private clients. Also facilitates the creation and supply of ceramic decals, including tableware, glas...

Asking Price: Offers Invited
Turnover: £2,900,000

FREEHOLD


Heating & Ventilation Equipment Manufacturer
North of England, UK Wide

Manufactures bespoke heating and ventilation equipment, serving clients throughout England and internationally. Products have been installed in a wide range of environments, including hospitals, schools and universities, petrochemical plants and leis...

Asking Price: Offers Invited
Turnover: £1,900,000

FREEHOLD


Electronic Solutions in Automatic Smoke Ventilation Systems Manufacture & Supply
UK Wide

Holds a number of patents for its unique product range, which has been specifically developed to comply with UK building regulations. Operates nationally, primarily working with electrical wholesalers, distributors and installers, as well as building...

Asking Price: Offers Invited
Turnover: £560,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
16
 
Oct
 

Automotive supplier completes MBO | MBO/MBI

An automotive products supplier located in South Yorkshire h...

 
15
 
Oct
 

Tomlinsons Dairies falls into administration | ADMINISTRATION

Wrexham-based dairy firm Tomlinsons Dairies has announced to...

 
14
 
Oct
 

PE firm snaps up independent video game firm | BUSINESS SALE

Private equity firm NorthEdge Capital has successfully acqui...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
03
 
Jul
 

Assets for sale as London-based waste management company enters administration | ADMINISTRATION

A waste management, remediation and enabling works company p...

 
02
 
Mar
 

Interior fitting business enters administration | ADMINISTRATION

An interior fit-out company based in the Midlands has fallen...

 
12
 
Aug
 

Yorkshire abattoir business in administration | ADMINISTRATION

Administrators have been called in to an abattoir business t...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources