The trading company behind Maker&Son, the British furniture brand founded by father and son, Alex Willcock and Felix Conran in 2018, was placed into administration earlier this week.
The development, upon which the brand has blamed a creditor, closely follows the brand's sale to Manchester-founded business group, Inc & Co, on 4th August, in a "multi-million-pound" share purchase deal (see related).
"The group had paid down large debts as well as cash flow to support the business, restart manufacturing and fulfil all customers orders," explains a spokesperson for Maker&Son.
"A strategic financial plan was put in place by the board to manage creditors over a short period of time – however, one creditor has not been forthcoming with our plan, despite our full commitment to fulfil all creditor obligations within a reasonable period, and therefore they placed the company into administration.
"Although this has forced a restructure of the business, we are extremely confident in the future of Maker&Son, are fully committed and behind the brand, and this new change will not affect customers' orders or manufacturers. With the brand and business now stable, with jobs saved and no plans for redundancies, we’re excited for the new growth potential in the business with the full support from all the team."
FRP Advisory was appointed to manage the administration.
Pictured, from left: Felix Conran, founder, Maker&Son; Lynne Makinson-Walsh, head of people, Inc & Co; Alex Willcock, founder Maker&Son; Jack Mason, group CEO, Inc & Co; and David Antrobus, CTO, Inc & Co
