Sven Christiansen PLC (01428696): administration
- Status
- Administration ended
- Administration began
- 2022-03-03
- Administrators
- Diana Frangou, Glen Carter
- Administrators' firm
- RSM
- Formerly
- Sven Christiansen Interiors Limited; Assetcrown Limited
- Incorporated
- 1979-06-13
- Location
- Birmingham
- Industry
- 31010 Manufacture of office and shop furniture
Why it went into administration
- COVID-19
- Cash flow / liquidity pressure
From the administrators' statement
The Company operated as a designer, manufacturer, and installer of office furniture. The business was established around 50 years ago. It operated primarily from a manufacturing facility on the Pensnett Estate in Kingswinford, West Midlands. Additionally, the Company operated a design studio in London, a head office in Guildford and a showroom in Cumbernauld.
In the 13 months ended 31 October 2020 (FY20) the Company incurred a net loss of £682k (after receipt of furlough monies of c£630k) followed by a net loss of £625k in the 12 months ended 31 October 2021 (FY21).
The Company had implemented restructuring actions in FY20, including redundancies, funded partly through obtaining a CBIL of £200k fram Lloyds Bank Plc (the ‘Bank’). Exceptional restructuring costs in FY20 were £278k. RSM UK Restructuring Advisory LLP (‘RSM’) did not provide any advice to the Company at this stage.
Administrators' statement of proposals (2022-04-28) · Companies House register