Multiyork enters administration
Furniture retailer Multiyork has entered administration, putting 550 jobs at risk.
Allan Graham and Matt Ingram of Duff & Phelps have been appointed as joint administrators to the company.
Founded in 1978, Multiyork is one of the most established quality furniture brands in the UK with 50 retail stores and a manufacturing facility in Norfolk.
The administrators said Multiyork could no longer meet its ongoing liabilities.
Graham said: “Trading conditions for UK retailers continue to be difficult due to a number of factors including economic uncertainty, rising commodity prices, increasing business rates and the fall in value of the pound which has increased the cost of importing raw materials and products. This appears to be leading to a sharp fall in consumer confidence and less money being spent on discretionary items.”
The administrators will continue to trade the business for a short period while they look for a buyer. The current management team members are continuing in their current roles and assisting the administrators during the process.
Graham added: “We are hopeful we can find a buyer and we are asking interested parties to come forward as quickly as possible.”
