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Beds and bedroom furniture retailer Feather & Black has enjoyed a balance sheet boost following a full write-down on intra-group debt from parent company Wade Group.


In a press statement issued yesterday, the Charles Wade owned furniture group said soon-to-be-filed 2013–14 accounts would show a £7.8m loss, resulting largely from writing down the £6.6m group loan to Feather & Black.


Its decision will likely transform the balance sheet value of the upmarket bedroom retailer, which had a net asset deficit over £5m at its 2012–13 year-end dateline.


Chairman Charles Wade said he was pleased with the turnaround progress at Feather & Black — and the group’s other retail arm Multiyork — following some painful years since 2008.


“We anticipate both will return to profit in 2016 and both have strong management teams and prospects for growth. Our cash position remains strong and we will continue to invest in the growth of these businesses.”


Feather & Black also has a new commercial and finance director after Matt Emerson — who had joined at the turn of the year — accepted an offer to go back into the fashion sector by joining Alice Temperley. He had previously been at Orla Kiely.


Oliver Spark, a non-executive director at Feather & Black and joint md at sister company Multiyork, told the Furnishing Report that they were sorry to see Matt go, but added they had already found a replacement.


Daniel Price, formerly of Robert Dyas and Jones the Bootmaker, has joined Feather and Black as commercial and finance director.


He also provided a steer on group trading, with Multiyork up 8 per cent in 2014–15 so far, he said, while trading was tougher for Feather & Black, which is level against last year.


2013–14 numbers are yet to be filed at Companies House for either brand, though Multiyork is expected to show strong growth approaching 20 per cent for last year. It had sales of just under £38m in 2012–13, with Feather & Black sales just under £22m for the same period.