Joseph Furniture Ltd (08451473): administration
- Status
- Administration ended
- Administration began
- 2024-07-31
- Administrators' firm
- Opus Restructuring
- Incorporated
- 2013-03-19
- Location
- Milton Keynes
- Industry
- 31030 Manufacture of mattresses
Why it went into administration
- COVID-19
- Weak consumer demand
- Sustained trading losses
From the administrators' statement
By June 2024, it had become apparent that the Company required funding above the level available to it by its bank and neither the Company nor its investors were in a position to advance the necessary funding. However, the Company was able to continue in the short term utilising funds received from trading in order to cover essential costs.
Ultimately, the Director attributes the Company's financial difficulties to pandemic-era investments and the subsequent major drop in demand.
Opus Restructuring LLP was initially approached by the Company’s directors on 15 May 2024 to help advise on the options available for the Company, as it was deemed to be insolvent. Opus Restructuring LLP were instructed by the Company’s directors by way of a formal engagement letter dated 4 June 2024, signed on 11 June 2024.
Administrators' statement of proposals (2024-08-15) · Companies House register