old

charltonsFurn

The administrator of Somerset case goods distributor Charltons Furniture says he has completed a deal to sell selected assets to the company behind the Nathan business.

 

Leonard Curtis' Andy Beckingham, who was appointed joint administrator at the beginning of September, said in a telephone interview last night that he had sold "Charltons' stock and some ancillary assets to Glebe Furniture Trading."


Following a restructure earlier this year, Glebe is the operating company behind the Nathan Furniture and Sutcliffe brands. Its owner is Nicholas Radford, who is well known in the furniture industry.


"Unfortunately, there was no funding available when we were appointed so we had to make existing staff at Charltons redundant on economic grounds," Mr Beckingham said, adding that the sale to Glebe included its intellectual property.


Radstock based Charltons Furniture was spun out of timber merchant AJ Charlton & Sons in January 2016, in a deal led by Ross Charlton and Bill Howard as md and operations director respectively.


Further information will be available via the administrator proposals' document sent to creditors, which is currently being processed at Companies House. This story may be updated, or a further one published.


The Furnishing Report left a message on Nicholas Radford's mobile earlier today.

Related Story
Charltons Furniture faces uncertain future as administrator evaluates options



TO READ THE FULL STORY: