National furniture chain Multiyork collapses into administration putting 550 jobs at risk

 
Oliver Gill
Follow Oliver
Christmas Shoppers Hunt For Last Minute Gifts
Consumer confidence and a fall in discretionary spend had hit Multiyork (Source: Getty)

Furniture chain Multiyork today collapsed into administration, putting almost 550 jobs across the UK at risk.

Duff & Phelps, which ran the insolvencies of BHS and Rangers Football Club, have been appointed administrators of the 39-year-old firm.

Multiyork operates across 50 retail stores nationally and has a manufacturing facility in Thetford, Norfolk.

"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 the value of the pound which has increased the cost of importing raw materials and products," said joint administrator Allan Graham.

"This appears to be leading to a sharp fall in consumer confidence and less money being spent on discretionary items."

Read more: BHS administration prompts more than 30 bid enquiries

Duff & Phelps said it was reviewing all orders placed up to 22 November. With the help of management, administrators plan to trade the business for a "short period as we look for a buyer".

Graham added:

We are hopeful we can find a buyer and we are asking interested parties to come forward as quickly as possible.

We ask that customers who have placed orders be patient during this time and you will be contacted with further updates in relation to your order shortly.

Read more: Rangers board confronts shareholder Dave King

Related articles