Wade Furniture Group Ltd, of Ravenstone, Leicestershire, has issued a statement to clarify the loss of £7.8m in its latest financial results summary, for the year ending 28th September 2014.
According to the retailer, the loss is principally due to a full write down of the group’s loan to retailer Feather & Black, of £6.6m. Wade Furniture Group remains firmly committed to Feather & Black and its other retail arm, Multiyork, both of which, states the company, are making strong progress against their turnaround plans.
Chairman Charles Wade comments: "Following some painful years since 2008, we are pleased with the progress of both Multiyork and Feather & Black. We anticipate both will return to profit in 2016 and both have strong management teams and prospects for growth. Our cash position remains strong and we will continue to invest in the growth of these businesses. Both businesses are re-establishing themselves as strong brands in their respective markets of sofas and bedrooms."