Deals, Finance & Restructuring
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- FLOORCOVERINGS
Headlam has closed more than a third of its trade counter network and made 154 employees redundant as administrators begin implementing a restructuring of the floorcoverings distributor.
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- ECOMMERCE
Ecommerce furniture retailer Nöa & Nani has been sold immediately following its entry into administration, safeguarding 13 jobs and ensuring continuity for customers and suppliers.
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- ECOMMERCE
A prospective purchaser has been identified for Freemans and Grattan as talks over the future of the Otto-owned retailers progress.
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- SUPPLY & WHOLESALE
The former UK distributor of global lighting brand Megaman collapsed after its parent company withdrew financial support following years of losses, administrators have revealed.
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- CASE GOODS
HMRC faces a substantial shortfall following the insolvent restructure of John Lewis of Hungerford, with administrators saying its near-£2 million preferential claim will not be repaid in full.
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- RETAIL & DISTRIBUTION
Administrators of the former Carpetright trading company are waiting to learn whether HM Revenue & Customs will withdraw a £57.5 million VAT claim following recent tribunal defeats for the tax authority over flooring fitting services.
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- BEDS & MATTRESSES
Unsecured creditors of upstream mattress industry supplier Galino are facing a shortfall after the Scottish fastenings business ceased trading immediately on entering administration.
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- RETAIL & DISTRIBUTION
Man Wah Holdings has said it is developing a long-term strategic partnership with DFS after agreeing a deal that will take the upholstery manufacturer’s direct holding in the retailer to 8.58 percent.
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- FLOORCOVERINGS
Headlam Group has completed the sale of its Netherlands businesses, almost a year after announcing plans to exit Continental Europe as part of its restructuring.
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- BEDS & MATTRESSES
Somnigroup International expects to generate substantially greater savings from its combination with Leggett & Platt than it envisaged when the deal was first announced.
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- RETAIL & DISTRIBUTION
Unsecured creditors of the legacy Made.com furniture retail business are now expected to recover less than previously forecast as its liquidation approaches four years since the business failed.
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- DEALS & FINANCE
Shareholders in Leggett & Platt have approved the bedding and furniture components manufacturer's proposed takeover by Tempur Sealy owner Somnigroup International.
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- DEALS & FINANCE
Loaf founder Charlie Marshall has sold his remaining shares in the furniture retailer to majority investor Blue Coast Capital, ending his ownership of the business he started 18 years ago.
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- RETAIL & DISTRIBUTION
Online bed retailer Time4Sleep has transitioned to employee ownership, with its workforce taking a majority interest in the circa £10 million turnover business.
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- RETAIL & DISTRIBUTION
Tapi Carpets & Floors has won its multimillion pound VAT battle with HM Revenue & Customs after a tax tribunal rejected the authority's claim that the retailer was liable for tax on fees paid directly to independent floor fitters.
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- DEALS & FINANCE
A deadline has passed for offers to acquire the business and assets of a foam conversion and fibre fill supplier based in the North East of England.
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- ECOMMERCE
An online furniture retailer with more than £4 million of stock at its last balance sheet date has filed a notice of intention to appoint administrators.
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- FLOORCOVERINGS
Likewise Group has exchanged contracts to acquire a new distribution hub in Corby, advancing a major expansion of its national logistics network.
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- REGIONAL
Liverpool furniture and home retailer Taskers said it has returned to profitability and achieved a double-digit sales lift as the supervisor of its company voluntary arrangement (CVA) reported the business remains compliant with the restructuring agreed two years ago.
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- TRADE & INDUSTRY
Kenneth Pattullo, an insolvency practitioner at Begbies Traynor, has been severely reprimanded and fined by his professional regulator following disciplinary findings by the Insolvency Practitioners Association relating to insolvency cases in Belfast.
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- BEDS & MATTRESSES
Emma Sleep has avoided further findings that it breached consumer protection law after the High Court ruled on the final outstanding element of the Competition and Markets Authority's long-running case against the online mattress retailer.
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- DEALS & FINANCE
Stockport-based online homeware retailer Home Space Direct has completed a management buy-in backed by a six-figure debt investment from FW Capital, with the new owners planning to accelerate growth through investment in the business and potential acquisitions.
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- RETAIL & DISTRIBUTION
Ernst & Young has been fined almost £1.2 million after the UK's accounting watchdog found deficiencies in its audit of Made.com less than a year before the online furniture retailer entered administration nearly four years ago.
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- ECOMMERCE
A Hertfordshire based ecommerce retailer selling contemporary flatpack home furniture has filed for insolvency with all items on its website listed as being out-of-stock and unavailable.
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- UPHOLSTERY
Ireland is scrapping its three-decade-old national furniture flammability regulations in a move that will align its product safety regime with European Union rules and remove a longstanding compliance hurdle for manufacturers selling into the Irish market.
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- FLOORCOVERINGS
The closure of CRT Flooring Specialists has left creditors facing losses of almost £1.4 million, with new insolvency documents revealing the scale of debts that built up less than a year after the contract flooring business was acquired by an external investment company.
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- DEALS & FINANCE
Contract furniture manufacturer and sourcing specialist Andy Thornton has been acquired by an investment vehicle owned by the founder of Indian furniture producer Saumitra International.
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- ECOMMERCE
The Chinese ecommerce group behind UK furniture retailer MH Star UK has expanded its European ambitions by acquiring the Alinea brand, paving the way for the revival of one of France's best-known furniture chains.
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- FLOORCOVERINGS
Victoria has taken a significant step towards completing its refinancing after securing support from holders of more than 75 percent of its outstanding €166.6 million senior secured notes due in 2028, clearing the threshold needed to implement the transaction through a scheme of arrangement.
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- UPHOLSTERY
The British Furniture Confederation has urged the Government to retain open-flame testing within furniture flammability regulations, warning that proposals to move to a smoulder-only regime could weaken consumer protection despite supporting efforts to reduce the use of flame-retardant chemicals.
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- UPHOLSTERY
Buoyant Upholstery managing director Mike Aramayo has pledged to drive the business forward under its new ownership, saying he remains "as hungry today" as when he joined the company 26 years ago.
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- SUPPLY & WHOLESALE
German luxury kitchen manufacturer Eggersmann has sold a 49 percent stake to Finkemeier Holding as part of a capital increase designed to support its long-term growth and strengthen its position in the premium market.
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- BEDS & MATTRESSES
Scottish fastening and fixings supplier Galino has entered administration after secured lender Close Invoice Finance appointed joint administrators, days after HM Revenue & Customs sought to wind up the business over an unpaid tax debt.
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- DEALS & FINANCE
The managing director of John Lewis of Hungerford has led an insolvent buyout, preserving part of the bespoke kitchen and fitted furniture business after it entered administration.
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- FLOORCOVERINGS
Victoria has completed the €34.4 million sale and leaseback of its Belgian distribution centre as the flooring group continues a wider restructuring of its Balta Rugs business.
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- FLOORCOVERINGS
Headlam Group has launched a strategic review aimed at strengthening its balance sheet after reporting a sharp first-half sales decline and warning that operating losses have worsened amid weak market conditions and liquidity pressures.
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- RETAIL & DISTRIBUTION
The latest restructuring of the BedWorld retail chain has left HMRC, Google and Facebook-owner Meta among creditors facing significant losses, as the predecessor company's liquidation reveals a significant shortfall.
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- CASE GOODS
The investment group that acquired control of kitchen and bedroom furniture giant Symphony last year agreed a mechanism to buy out the Gregory family's remaining shareholding by 2030, financial statements show.
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- UPHOLSTERY
Ashwood Designs Group has acquired Buoyant Upholstery in a deal that creates what the companies describe as the UK's largest sofa manufacturing group.
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- CASE GOODS
A three-showroom fitted furniture vertical that was until three years ago listed on the Alternative Investors Market (AIM) has filed a notice of intent to appoint administrators (NOI).
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