Last month, F&M Steed Ltd, trading as Steed Upholstery, was placed into a creditors’ voluntary liquidation (CVL) by restructuring and turnaround specialist Leonard Curtis.
The family-owned furniture manufacturer, founded in 1965, was based on Long Eaton and employed 21 people, including some family members. The company specialised in providing high-quality hand-crafted furniture, delivering bespoke designs for customers and priding itself on providing expert craftsmanship on each product.
Unfortunately, recent years saw the firm experience a significant drop in demand, explains Leonard Curtis' Phil Morton: “As a luxury brand offering tailored, high-quality products, the company was hit hard by economic uncertainty and inflation. In an unstable economy consumers tend to spend less on expensive, premium goods, which leads to a drop in sales and cash flow.
“On top of this, the company depends on skilled craftsmen and needs to pay competitive wages to keep them on board. This created extra pressure on finance at a time when demand was unpredictable.”
The firm, which should have been celebrating 60 years in business this year, took steps to reduce costs where possible, and the directors injected personal funds to keep the operation going, says Leonard Curtis: "In response to falling demand, directors looked to target new markets aiming to diversify revenue streams and reduce dependence on its current retailers. Unfortunately, the new revenue streams did not generate sufficient income, and with increasing cash flow pressure, the directors concluded that the company should cease trading. All 21 employees were made redundant on 11th September 2025.
Second-generation family owner Roderick Steed (pictured) says: “We did everything we could to maintain our trading position in a difficult market with challenging economic conditions but sadly it was not to be. We want to thank everyone associated with the business – our loyal skilled workforce, retailers and end-customers, for their amazing support in the last couple of years. It is a sad day for everyone.”
Steed was also impacted by the plans for HS2, which created uncertainty and geographical challenges due to the factory's location on the proposed route.
