Lombok snapped up through pre-pack brokered by KPMG
124 out of 161 jobs at the high-end furniture retailer secured because of the pre-pack
Lombok, the high-end furniture retailer, has been snapped up after
administrators from KPMG a pre-packaged administration.
Myles Halley and Finbarr O’Connell were appointed yesterday alongside the
sale being announced.
A private equity-backed consortium, which includes Lombok’s mangement team
will keep 14 of the company’s stores, but will close five outlets.
In a statement, KPMG said: ‘The new consortium and management team has
secured continued trading at 14 of Lombok’s 19 locations, safeguarding 124 of
the 161 jobs. The deal, importantly, protects the deposits and delivery of all
orders placed by customers.’
Preserving jobs is one of the advantages of a pre-pack, but the process
itself still generates criticism from
politicians
and unions.
Myles Halley, joint administrator said: ‘Latest economic figures show that
retailers are facing some of the toughest trading conditions in living memory.
In such a challenging environment, the strongest brands will have a leading
edge.
‘This sale is a testament to the strength of the Lombok brand and secures the
jobs of 124 staff with minimal disruption to operations – a positive result for
all parties.’