Sam Birchall and Howard Smith of Interpath were appointed as joint administrators to David Phillips Furniture Group on 15th July.
Founded in 1998, David Phillips Furniture Group has grown to become a leading provider of furniture solutions to the UK’s residential property and build-to-rent sectors. Headquartered in London, the group is known for its tailored furnishing packages and end-to-end service offering, serving property professionals, developers, and institutional landlords nationwide.
Financial performance across the group in the last year has been hampered by margin pressures and the wider downturn in the construction sector, states Interpath, and despite efforts by management to improve operational efficiency and strengthen cashflow, the business continued to face mounting financial pressure.
To explore potential avenues for recovery, the directors engaged advisors to undertake an accelerated options process, including efforts to secure a sale or refinancing, yet with no viable solvent options available, the directors made the decision to seek the appointment of administrators.
Following the appointment, the group’s main trading operations have ceased, and the majority of the company’s 134 employees have been made redundant. The remaining staff have been retained to assist the joint administrators in their duties.
The furniture rental division of the business continues to trade while the joint administrators explore all available options for the sale of the wider business and its assets, including the David Phillips brand.
Sam Birchall, MD at Interpath, says: “David Phillips has been a trusted name in the property furnishings market for over 25 years, known for its quality, service and scale. We are now seeking buyers for the business and its assets and encourage interested parties to get in touch as soon as possible.”
Joint administrators appointed to residential furniture supplier
