Administrators are currently evaluating options for a struggling furniture retailer that has significantly scaled back operations, reducing its store network to less than half its previous footprint in recent months.
The company, previously trading from ten locations, is now operating from only four stores: its flagship unit in Belfast's Boucher Road and three others in Dundalk, Portadown and Armagh.
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The business in question is Furniture Trends Limited, trading as HouseProud Furniture. Restructuring specialists Stephen Cave and Gareth Latimer of Grant Thornton were appointed earlier this week to oversee its administration process.
'While some stores have ceased trading in recent times as part of a restructuring plan, a number of stores remain open,' Grant Thornton said. The administrators are currently 'assessing the most appropriate way forward' and are in discussions with key stakeholders.
Store closures include locations in Banbridge, Coleraine, Newtownabbey, Newtownards, Omagh and Strabane, which are no longer listed on the company's website. A former outlet in Lisburn was also previously advertised.
HouseProud's Dundalk branch in the Republic of Ireland is reportedly clearing £1.75 million in stock. The retailer, privately owned by its directors, employed 65 people as of its 2023/24 accounts.
Financial filings show borrowings of approximately £550,000, alongside trade payables of £2.4 million. The company owns no freehold property, with key assets held in stock (£1.95 million) and receivables (£1.8 million).
Administrators have said there will be no further comment until immediate post-appointment priorities are addressed.
Source: www.thefurnishingreport.com