On 9th October 2024, Kevin Mapstone and Yiannis Koumettou of Begbies Traynor were appointed as joint liquidators of Corby-based wholesale furniture company, Kettle Home Ltd, the corporate restructuring specialist has confirmed (see related).
The company commenced trading around April 2023, following the administration of Kettle Interiors which had been importing and supplying wholesale furniture to the trade and public for over 30 years.
"Unfortunately," says Begbies Traynor, "the retail furniture sector has suffered in recent years after struggling to recover from the impact of the pandemic. This, together with a sharp rise in the costs of shipping, has made Kettle Home unsustainable, with the business unable to afford to continue to trade. The directors and shareholders have, therefore, reluctantly taken the decision to place it into voluntary liquidation and the business has ceased to trade."
All staff, comprising 80 part-time and full-time employees, were made redundant for reasons of insolvency.
Thomas McKay, a partner at Begbies Traynor, comments: “Unfortunately, the furniture sector has faced some extremely challenging times and with much of Kettle’s stock imported from Asia, the escalating costs of shipping were simply too high for Kettle Home Ltd to be able to continue trading. Other trading costs and the rise in economic costs has meant that the existing business model was not sustainable.
"Our experience in this sector means that we are well placed to secure the best outcome for all stakeholders and I would encourage any other firms that may be struggling with similar issues to contact us for assistance, should they require it.”
Joint liquidator Kevin Mapstone adds: “Having only been appointed a couple of days ago, our team is now working hard to find out more about what has happened and seeking the best possible returns for creditors. We will be writing to all creditors in due course, as well as supporting the former employees at this difficult time to ensure they receive their entitlements as soon as possible."
