old

The director and shareholder of the company behind the Oak Furniture Solutions business bought back the retailer's stock a month after it was placed into administration.


Through an until-now dormant company called Ametis Limited — incorporated back in 2014 — Robin Hunt paid £135,000 for the business' inventory, according to a report by Kirks, the corporate recovery outfit hired to handle the company's insolvency late January.


Earlier filings by Kirks (see related) had suggested the company's stock, which had a book value of £673,923, was expected to raise £100,000, though hadn't provided any further detail.


The new report elaborates on that transaction, revealing that another, unnamed suitor, had initiatially bid more, but then withdrew their offer leaving Ametis as the next best bid.


Ametis also bought fixtures, equipment and a forklift truck — paying £10,000 — as well as footing the bill for duty and freight on containers that were on the water at the time the Bristol-based retailer — a trading style of Contemporary Oak Furniture Limited — ceased to trade.


It is not known what plans Ametis has for the stock or future trading. The Furnishing Report was unable to reach Mr Hunt for comment.


Related Stories
Oak Furniture Solutions: Search giant, consumers biggest creditors
Rising online costs imperilled bust retailer Oak Furniture Solutions



TO READ THE FULL STORY: