Wed, 29 May 2013 | BUSINESS SALE
Dwell, the furniture retailer, has appointed advisers to help it explore its options, one of which could be the sale of the business.
Argyll Partners have been hired to look into the company's options, but reports from the Independent suggest that the firm is already homing in on a sale with feelers being put out to potential investors regarding buying the company at a reduced price.
Dwell runs a total of 24 outlets, selling furniture and DIY goods. It was originally founded as a mail-order furniture business in 2003 but expanded to include shop fronts over the years.
The chain has been hit by the downturn in the economy as the housing market has continued to stagnate and consumers have reduced their expenditure on big-ticket items. The firm's pre-tax losses in the year to 27 January 2012 increased from £456,349 the previous year to £673,320.
But the company did manage to open six new stores over the period and increased its turnover by three per cent to £34.5 million.
Aamir Ahman founded the firm but stepped down as managing director last year following a refinancing. Former chief executive of Adams Childrenswear, Rebecca Cotterell, took his place.
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