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.
The business designs and builds specific to customer requirements for end users predominantly in oil & gas, petrochemical, chemical and pharmaceutical industries. They also provides assistance in areas such as on-site commissioning, systems complianc...
We are seeking industrious parties interested in a purchase of the business and assets of a company specialising in custom, high end joinery fabrication for over 50 years.
Seeking interest in the business and or assets of a environmentally friendly green packaging company. The business comes with three Framework Agreements with council bodies that are due to be income producing in the near future.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.