Administrators sell brand and IPR of collapsed furniture firm
The brand and intellectual property of a family-run furniture business that collapsed due to the fallout from the Covid-19 pandemic has been acquired by an associated company.
Over 120 jobs were lost when administrators at Begbies Traynor were appointed to handle the affairs of Northamptonshire-based Kettle Interiors.
The firm sold furniture under the Mambo and Mint brands but was hamstrung by costs it was ultimately unable to manage.
Joint administrators Ken Pattullo and Gary Shankland have now confirmed that Kettle Home Ltd has acquired the goodwill of the Kettle branding and associated IPR.
The company’s remaining assets and stock will be sold off.
In a statement, Pattullo and Shankland said: “Following our appointment as administrators of Kettle Interiors UK Ltd (‘Kettle’), and due to the various challenges and creditor pressures Kettle faced in the lead up to the date of insolvency, an open marketing sale process was instructed by the administrators, through our selling agents, who advertised the disposal of the goodwill and intellectual property rights of Kettle in the public domain.
“This marketing sale process generated significant interest within the furniture sector locally and abroad and many interested parties contacted our selling agents during the diligence and sales window.
“Within this sales process a number of offers for the goodwill and intellectual property rights of the Kettle business were received by our agents.
“At the closing date of the marketing process, at 5pm yesterday, our selling agents advised that one offer was materially higher than the other offers received for the goodwill and IPR of the business. This offer was from an associated company called Kettle Home Ltd. As a result, our agents gave this bid the preferred bidder status, subject to diligence and funding, and recommended its acceptance.”
The offer has been accepted “subject to contact, contrary to previous articles that may have been released.”