Soft furnishings furniture manufacturer All Sofas Ltd, based in Stratford-upon-Avon, is now trading as Fina Furniture Ltd following a pre-pack administration which safeguarded 19 jobs. The company’s director, Anna Lundgren, continue to lead the business.
The pre-pack was undertaken by Brett Barton from restructuring and insolvency firm, BLB Advisory, and will see the business continuing to trade "as normal".
The business was initially formed in 2010 by Anna and her husband. All of the company’s upholstered furniture is handcrafted at its Stratford-based factory for customers such as private landlords and interior designers, through to the hospitality and healthcare sectors.
After a decade of growth that saw the business generating around 300 orders a week, a combination of the Covid pandemic, followed by a +160% rise in raw material costs from Europe over the past year, pushed the business into financial difficulty.
Anna says: “Over the past year we have seen the price that we pay for wood from Europe soar from £12.75 to £32, which is one example of the challenge that we have been facing, among other higher costs such as rising energy bills, not to mention the consumer impact of the cost of living crisis.
“We were in a position where we could not keep passing on the price increases to our customers, so after seeking professional advice we have undergone a pre-pack administration, which will enable us to continue to operate and safeguards the jobs of our loyal employees.
“We are now in a position where we are mapping out a slow and steady plan for growth over the coming years, as we aim to build on last year’s turnover of £1.3m.”
