BusinessBusiness RecoverySofa Workshop folds

Sofa Workshop folds

IP trio from Leonard Curtis hopeful of being able to conclude a sale to protect as many of the 170 jobs as possible and fulfill all outstanding customer orders

Insolvency experts from Leonard Curtis have been appointed as administrator
of Sofa Workshop

Neil Bennett, Michael Healy and Paul Reeves were brought in by the ailing
company, which specialises in providing bespoke, handmade sofas yesterday.

Neil Bennett said: This is a good business, with an excellent reputation in a
niche market. We have received several expressions of serious interest including
an offer which is currently being evaluated. We are very hopeful of being able
to conclude a sale in the next few days that will protect as many jobs as
possible and of course fulfill all the outstanding customer orders.’

Founded in 1985, with one store in Maidstone, Kent, the company grew steadily
and currently has 30 stores across the UK, with approximately 170 employees. In
the year to 31 May 2008, the business had a turnover of £30m.

‘The original business model for Sofa Workshop was excellent,’ said Bennett.
‘However in a housing market downturn, such as we are suffering at the moment,
people are not moving – and they don’t seem to be re-furnishing either.’

Further reading:

Deloitte
team appointed administrators at Land of Leather

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