Thu, 09 Apr 2020 | ADMINISTRATION
Long Eaton-based furniture group JDP Furniture has entered administration, appointing FRP Advisory to oversee the process.
JDP Furniture is a maker and importer of furniture, it also acts as the holding company for the Celebrity Motion Furniture, Welbeck House, Wade Upholstery, JDP Frames, Ikon by Celebrity, Cintique, Celebrity and Arlo & Jacob brands.
The company employed 540 people at its Long Eaton plant, according to its most recent accounts, having made 32 redundant in 2017 after declining sales for its Wade brand put a stop to its sale to the independent retail sector.
In its latest set of accounts, JDP Furniture cited difficult trading conditions as a reason for a drop in revenue. The group has now moved to appoint Nathan Jones and John Lowe from the Leicester office of FRP Advisory Trading Limited as joint administrators for the business.
JDP Furniture Group Limited’s latest set of accounts were made up the year ending September 29 2019. Amidst difficult trading conditions, the group registered turnover of £37.6 million for the year, down from £43.2 million the year before, with an operating loss of just over £2 million, compared to £3.5 million the year before.
While reporting that its consolidated balance sheet remained strong, the group reported that its net assets decreased by over £2 million from the year before to £4.86 million. Fixed assets were reported at close to £2.3 million, with current assets of £10.7 million.
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