Notts furniture firm collapses as administrators called in
A Nottinghamshire importer of bedroom and occasional furniture has been placed into administration.
Mark Webster Designs, of Sutton-in-Ashfield, and its parent company Mark Webster Holdings, have appointed BDO as administrators.
The business was set up in 1990 by the current chairman and owner Mark Webster as a manufacturer of fabric and leather sofas. Latterly, it has designed and imported dining, occasional and bedroom furniture and set up its own logistics arm which offers home delivery.
In its latest available accounts, made up to the end of March 2021, Mark Webster Designs made a profit of £147,237 – up from a loss of almost £40,000 a year earlier, but down substantially on a profit of over £2.1m in 2019.
Staff numbers had decreased dramatically between 2020 and 2021 – down from 24 to just five when the accounts were submitted.
Lee Causer and Sarah Rayment of BDO were appointed joint administrators of Mark Webster Designs and Mark Webster Holdings on August 22.
As a result of their financial position, the companies have ceased operations with immediate effect.
Lee Causer, partner at BDO, said “Designs’ trade has suffered from wider economic challenges, such as negative exchange rate movements, increased container costs, fuel and wage costs and supply chain delays. The combined impact of these factors has been a significant strain upon working capital and the inability to secure new product has resulted in the business being unable to meet orders from customers. As joint administrators, we will be taking all necessary steps to maximise returns for the benefit of all creditors in accordance with our legal duties.”