Sunday, July 5, 2020
TOP STORIES
Unsecured Oak Furnitureland creditors will get less than 1p in the pound
The administrator that handled the prepack sale of Oak Furnitureland has written to unsecured creditors outlining the value of the deal and advising they will be unlikely to receive a significant return.
Licence gives Oak Furnitureland time to renegotiate again with landlords
The prepack sale of Oak Furnitureland gives management at the retailer time to renegotiate with landlords, many of which will be doing so for the second time inside a year.
Oak Furnitureland has been lossmaking since 2017–18, figures show
The balance sheet value of Oak Furnitureland suffered a negative swing in the tens of millions of pounds since the company last put numbers in the public domain, a new report shows.
NBF introduces associate membership for startup manufacturers
Qualifying manufacturing businesses under three years old will be able to join the National Bed Federation (NBF) after it launched a new class of membership.
Push to promote British-made beds sees launch of Retail Champions scheme
Retailers are being urged to become champions of British-made beds by the National Beds Federation (NBF), which has launched a new scheme to promote their benefits.
Autumn Fair to return in 2021 with this year's edition called off
Organisers of the home and gift show Autumn Fair have cancelled the 2020 edition because of the pandemic and will deliver virtual content instead.
Higher share price lifts Natuzzi back into NYSE compliance
The prospect of Natuzzi's shares being delisted from the New York Stock Exchange (NYSE) has diminished after the Italian sofa maker regained compliance with listing rules.
Furniture retail landlords bullish, but find rent collection hard going
Retailers' rent payments remain scarce following the latest Quarter Day dateline for some of Britain's major retail landlords, who have named their price for rent renegotiations.
Department store retailers warn staff of closures, job cuts
Two of Britain's highest profile department store businesses put employees on alert yesterday, warning of job cuts ahead and probable store closures.
Fitted furniture maker says cash remains strong despite shutdown
A high-end East Midlands fitted furniture manufacturer says its balance sheet remains robust despite a six-week factory shutdown and it reporting a loss last year.
Harveys suppliers left feeling blue at missed payments
Furniture chain Harveys was placed into administration through PwC yesterday but alarm bells were already ringing for the retailer's suppliers last week.
Argos emerges as lockdown winner with big sales jump, including furniture
General merchandise retailer Argos, one of the U.K.'s biggest vendors of entry-level furniture and mattresses, enjoyed double-digit growth during the lockdown despite the closure of the bulk of its retail estate and no two-man deliveries.
INTELLIGENCE
Market Data
Detailed market information about each of the Upholstery, Beds, Cabinet Furniture and Floorcoverings sectors at suppliers' prices.
Discover the up-to-date value of:
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UK production
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Imports
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Exports
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Key Trading Partners
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Total UK market size
BEST READ IN THE PAST MONTH
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Oak Furnitureland sold to hedge fund in prepack buyout
Hardwood furniture and upholstery retailer Oak Furnitureland is to be bought by global investment manager Davidson Kempner Capital Management via a prepack administration process.
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Why the Wade Upholstery brand could yet live on
Two of Britain's heritage upholstery brands, including Wade Upholstery, could return to fight new battles despite the collapse of their former owner.
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New U.K. mattress boss says rivals slashing TV spend aided sales spike
The new head of mattress brand Emma's British and Irish business says its message cut through with consumers in lockdown partly because of the absence of rivals' advertising.
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Tempur Sealy says online sales have more than doubled in lockdown
Ecommerce sales have skyrocketed for Tempur Sealy International in the second quarter while the multinational bedding business says the early signs from third-party stockists reopening is encouraging.
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Komfi mattress range launch nears with new sales team in place
GNG Group has assembled a new team of sales agents as it prepares to unveil a vacuum-packed mattress line under its Komfi brand. It follows the earlier appointment of Stuart Hibbert as sales...
INTELLIGENCE
Retail Sales
Up-to-date monthly UK retail sales data spanning total furniture and lighting sales PLUS detailed breakdowns for each of the Upholstery, Beds, Cabinet Furniture and Floorcoverings sectors.
Proprietary granular data covering:
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UK retail sales value and y/y delta. Monthly and annual
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Breakdown by product category
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Historical data
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Monthly and annual figures
OPINION & ANALYSIS
Why Stokers' new Lucas store offers a window into the future
Any major new store development offers an opportunity for fresh thinking and for reimagining what is possible from a modern-day furniture store.
Furniture retail sales figures reveal extent of online shift and beg question: is it permanent?
The release of official retail sales figures for May uncover the extent to which furniture retailers have missed out during lockdown but are also revelatory for the impact of ecommerce.
Muddled guidance has cost furniture retailers valuable sales, including those that opened early
Yesterday saw the reopening of non-essential retail in England and in the coming days and weeks all the shops that plan to trade again will likely be doing so. But an opportunity — and millions of pounds of income — will have been lost, and for no good reason.
What the Celebrity CVA will mean for the Cintique brand
Creditors are expected to approve the long-planned company voluntary arrangement (CVA) at Celebrity Motion Furniture by the end of the month, giving the rise and recline company an exit from administration.
DATA & LISTS
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Bad Debt: Companies owed cash by insolvent furniture industry companies: July 3, 2020
Today's list contains eight insolvent companies leaving combined debts of c. £94 million.
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The Insolvency Report: Filings in the week to July 3, 2020
Four insolvencies from within the furniture and furnishings industry were announced in the period from June 27–July 3, 2020.
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Bad Debt: Companies owed cash by insolvent furniture industry companies: June 26, 2020
Today's list contains seven insolvent companies leaving combined debts of c. £5.4 million.
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The Insolvency Report: Filings in the week to June 26, 2020
Seven insolvencies from within the furniture and furnishings industry were announced in the period from June 20–26, 2020.
TOP STORIES
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Unsecured Oak Furnitureland creditors will get less than 1p in the pound
The administrator that handled the prepack sale of Oak Furnitureland has written to unsecured creditors outlining the value of the deal and advising they will be unlikely to receive a significant return.
-
Licence gives Oak Furnitureland time to renegotiate again with landlords
The prepack sale of Oak Furnitureland gives management at the retailer time to renegotiate with landlords, many of which will be doing so for the second time inside a year.
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Steinhoff wrote down Bensons/Harveys group value by €50m ahead of original Alteri deal
The value of the original deal that took Bensons for Beds and Harveys along with group sofa and bed factories into the hands of Alteri Investors and away from Steinhoff International Holdings can now be revealed for the first time.
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Cushion maker closes down because of Covid-19
A Staffordshire cushion manufacturer with 50 employees and partnerships with prestige fabrics brands has folded as a result of the coronavirus pandemic.
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Relyon and South Wales sofa factories face uncertain future as prepack leaves them behind
The Alteri Investors led prepack buyout that rescues Bensons for Beds does not includes its manufacturing operations in South Wales and the West of England, including its Relyon plant.
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Blue Group carve-up sees Bensons for Beds split from Harveys
Bensons for Beds and Harveys are no longer sister retail chains after owner Alteri Investors completed a buyout of the former that leaves the latter facing an uncertain future.
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Magnet boss exits after 36 years amid owner restructure that imperils U.K. jobs
240 jobs across Swedish kitchens conglomerate Nobia's U.K. retail and supply network are under threat as part of a wider group reorganisation. Peter Kane, the longtime head of retail chain Magnet, is also stepping down.
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U.K. arm of high-end French furniture maker ties up debt restructuring
French cabinet maker's London based subsidiary secures company voluntary arrangement (CVA) after only non-connected creditor declines to vote, objecting to amount ascribed to outstanding debt.
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Furniture Village named retail Family Business of the Year
Privately-owned Furniture Village has been named retail Family Business of the Year in a nationally-recognised annual awards programme.
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Natuzzi sales fell by a fifth in period taking in first weeks of lockdown
First quarter revenue declined more than a fifth for Italian sofa giant Natuzzi with almost all its markets worldwide impacted by the Covid-19 pandemic.
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OTHER NEWS
Oak Furnitureland has been lossmaking since 2017–18, figures show
The balance sheet value of Oak Furnitureland suffered a negative swing in the tens of millions of pounds since the company last put numbers in the public domain, a new report shows.
NBF introduces associate membership for startup manufacturers
Qualifying manufacturing businesses under three years old will be able to join the National Bed Federation (NBF) after it launched a new class of membership.
Push to promote British-made beds sees launch of Retail Champions scheme
Retailers are being urged to become champions of British-made beds by the National Beds Federation (NBF), which has launched a new scheme to promote their benefits.
Autumn Fair to return in 2021 with this year's edition called off
Organisers of the home and gift show Autumn Fair have cancelled the 2020 edition because of the pandemic and will deliver virtual content instead.
Higher share price lifts Natuzzi back into NYSE compliance
The prospect of Natuzzi's shares being delisted from the New York Stock Exchange (NYSE) has diminished after the Italian sofa maker regained compliance with listing rules.
Furniture retail landlords bullish, but find rent collection hard going
Retailers' rent payments remain scarce following the latest Quarter Day dateline for some of Britain's major retail landlords, who have named their price for rent renegotiations.
Department store retailers warn staff of closures, job cuts
Two of Britain's highest profile department store businesses put employees on alert yesterday, warning of job cuts ahead and probable store closures.
Fitted furniture maker says cash remains strong despite shutdown
A high-end East Midlands fitted furniture manufacturer says its balance sheet remains robust despite a six-week factory shutdown and it reporting a loss last year.
Harveys suppliers left feeling blue at missed payments
Furniture chain Harveys was placed into administration through PwC yesterday but alarm bells were already ringing for the retailer's suppliers last week.
Argos emerges as lockdown winner with big sales jump, including furniture
General merchandise retailer Argos, one of the U.K.'s biggest vendors of entry-level furniture and mattresses, enjoyed double-digit growth during the lockdown despite the closure of the bulk of its retail estate and no two-man deliveries.