The UK division of German bedroom furniture firm Nolte Möbel has filed a second notice of intent to appoint administrators, granting the company temporary protection from creditor actions for an additional ten days. This follows a first notice lodged in April, signalling ongoing financial distress.
© Nolte Möbel
Court filings in London confirmed the move last Friday, with restructuring specialists Paul Bailey and Nick Cusack of BABR now identified as the advisors set to handle any insolvency proceedings.
Nolte Möbel, which separated from the Nolte Group, the kitchen-focused parent company, in 2020, has struggled to maintain profitability in the UK. During the Covid pandemic, it wrote off over £4 million in inter-company debt, and statutory filings indicate its assets are secured under a Barclays debenture.
German media outlet Die Rheinpfalz reported in April that the bedroom business, which has been undergoing a restructuring process since late 2023, is expected to close permanently, putting around 250 jobs at risk. The Nolte Group, based in Germany, is reported to be unaffected by the developments involving Nolte Möbel.
The company's continued attempts to delay creditor action suggest it is either seeking a buyer, negotiating restructuring terms, or preparing for formal insolvency.
Source: www.thefurnishingreport.com