Wed, 28 Nov 2012 | ADMINISTRATION
Manor Furniture, a business that has been trading for almost 20 years, has entered administration.
The company, based in Cheney Manor, was established 18 years ago by a group of colleagues who decided to set up their own company when they were made redundant from previous positions.
Together, they established a strong reputation and Manor Furniture was voted as best furniture trader in the Adver's Best of Swindon Awards 2011. But while the company weathered the economic storm over 2008-09 by upgrading its store and expanding from Bizpace's BSS House trading centre into new premises nearby, it has experienced new difficulties in recent months.
Speaking to the Swindon Advertiser, Steve Botting, sales manager for Bizspace, remarked: “It is disappointing to see any new business go into administration. Especially one so well established as Manor Furniture.
“They were here for 18 years and always pulling in a constant flow of custom and made a great name for themselves. Now to see them with the administration notices on the unit opposite is a real shame.”
Victor Henry Ellaby and Phil John Gorman of accountancy firm Hazlewood LLP have been appointed as administrators and took over trading this week.
The administrators released a statement explaining the reasons behind the company's problems: “Like many other ‘big ticket’ retailers, Manor Furniture has been hit hard by the difficult economic conditions and the knock-on effect on consumer spending.
“With suppliers reluctant to provide extended credit terms and no other sources of finance available to the company there was increasing cash-flow pressure which led to the company being unable to fulfil customer orders and meet the payment demands from creditors. As a consequence of these factors, the directors had no choice but to seek the appointment of administrators to the company.”
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