A furniture group, based in Wetherby, has been sold for £200,000 following its entry into administration, with joint administrators James Clark and Will Wright citing declining sales, rising input costs, and low housebuilding activity as key factors.
© Moores Furniture Group
The sale, completed via a pre-pack administration, transferred Moores' customer list and certain intellectual property to Wren Trade Kitchens. Deferred payments of 15% of sales from transferred contracts may total up to £15m within 13 months. Around 336 staff have been retained to support the transition, while approximately 124 employees were made redundant.
Preferential creditors, including employees (£313,000) and HMRC (£2.4m), are expected to be repaid in full from realised assets of £5.7m. However, unsecured creditors, including trade creditors, employees, and the company pension scheme, face a total shortfall of £66.4m. Hilco, owed £29.6m, may not recover the full amount.
Founded in 1947, Moores was a longstanding UK kitchen manufacturer supplying house builders, the public sector, and affordable housing. Administrators emphasised that the sale aims to minimise disruption and ensure the continuation of Moores' manufacturing legacy under the Wren brand.
Source: www.bigfurnituregroup.com
