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wallaceSacksFURNITURE retailer Wallace Sacks has left a “very large volume of unfulfilled orders” according to the insolvency practitioner overseeing the fallout from its closure.

 

Lane Bednash of CMB Partners U.K. was appointed administrator of Wallace Sacks Furnishings Limited on February 17, 2017.


In an open letter to creditors on the retailer’s website, he urged them to try and get refunds from payment providers such as credit card companies.


He said the North London based company has ceased to trade and the very large volume of unfulfilled orders meant it was unable to field individual queries.


Wallace Sacks sold mid-priced leather sofas and armchairs along with outdoor furnishings and a limited range of dining and bedroom furniture.


There is no stock available to fulfil outstanding orders, Mr Bednash said, adding that it appeared unlikely that a return will be made to creditors.


The circumstances surrounding the business ceasing to trade are not yet known. The company — which changed its name from Muubaa Limited in January — grew sales to £4.4 million in 2015–16, reversing a £322,191 loss from the previous year to return to profit.


The name Muubaa refers to a ladies fashion label thought to have been run alongside the furniture retail division. Wallace Sacks Furnishings’ directors are Sean Golding and Stephen Sacks, who is also the largest shareholder in the company.


Newco Muubaa Trading Limited was incorporated November last year and now runs the fashion operation. Companies House lists its sole director as Georgia Sacks, with the company supported by Conance, which provides services such as letters of credit and trade finance.


Conance had also provided finance services to Wallace Sacks Furnishings and has an outstanding charge over its assets, along with a peer-to-peer lending syndicate and the factoring arm of RBS.

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