Jobs at risk as Textiles Direct faces administration
HOMEWARES and soft furnishings retailer Textiles Direct is heading for administration, putting around 400 jobs at risk.
Textiles Direct Holdings has around 60 shops across the country, including 14 in the West Midlands. The firm filed a notice of intention to appoint administrators at the High Court in Manchester on February 27.
The notice protects the company from action by creditors. Administrators could be appointed in the coming week.
Online sales through the Textiles Direct website are handled by a separate business which is unaffected.
The move comes three years after the business secured a company voluntary arrangement to reduce its rent bills.
According to Companies House, Textiles Direct has its registered office in Liverpool, but ownership of the firm switched in February 2012 from Liverpool-based Simon Bentley to TDT Group Holdings, which does not appear to be a UK-registered company.
In January 2013 three directors stepped down – Claire Lyle, Margaret Kenwright and Michael Daly. They were replaced by Zahid Shaikh. Latest accounts, filed in September 2011, show the firm made a pre-tax profit of £338,745 on sales of £19.6m.
The company’s West Midlands outlets are: Cannock, Coventry, Erdington, Kidderminster, Merry Hill, Northfield, Nuneaton, Perry Barr, Redditch, Solihull, Tamworth, Walsall, West Bromwich and Wolverhampton.