185 jobs lost as DFS founder’s sofa store enters administration
Fabb Sofas, the firm set up by DFS founder Lord Kirkham, has fallen into administration after failing to find a buyer.
Toby Scott Underwood and Peter David Dickens of PwC have appointed as joint administrators of the company, which has a store in, Gilthrook. Nottinghamshire. In total, nine stores have closed.
A statement on the Fabb website said: “Since incorporation, the company has grown rapidly to nine stores across England and Scotland. Despite achieving significant revenues in such a short period, the business remained reliant
on external funding to support trading losses. Without external funding, the business could not continue to meet payments as they fall due.
“Given the cash flow position, the management team undertook a sales process to find a purchaser who could provide the funding required to continue to deliver the business plan and take the Company forward.
“Unfortunately, it was not possible to achieve a sale and as such the directors had no option but to appoint administrators to protect the creditors of the company.”
Nottingham-based John Pye & Sons has been appointed to empty the Fabb stores.