Wednesday, February 19, 2020
TOP STORIES
Spike in furniture insolvencies last year as creditor shortfall topped £169m
Bust furniture, furnishings and flooring companies left creditors facing an average shortfall of £3.25 million per week through 2019 as the number of businesses falling insolvent spiked year-on-year.
Remaining 11 Beales stores will also close as buyer hunt fails so far
Administrators handling the insolvency of Beales say the department store chain's remaining 11 stores are also now earmarked for closure.
Wren to replicate U.K. model in the U.S. with factory and retail showrooms
Fast-expanding kitchen maker and retailer Wren will this spring open a 252,000sqft U.S. factory ahead of launching its first overseas showrooms this summer.
Longtime sales director at fabrics group leaves for Prestigious role
Experienced soft furnishings industry executive Rob Surtees has joined West Yorkshire based fabrics supplier Prestigious Textiles as U.K. sales director.
Sales jump 48% for homewares distributor
South East homewares distributor Sabichi enjoyed bumper sales growth last year as investment in new product paid dividends.
MiBed owner consolidates debt, lowering cost of borrowing
Adjustable beds and upholstery producer Furmanac has refinanced, agreeing a new loan that will lower its overall borrowing costs.
Malaysia furniture fair pushed back to summer because of coronavirus
The impact of the coronavirus on Far East trade shows has spread beyond China with the organiser of the Malaysian International Furniture Fair (MIFF) postponing its spring event until the summer.
European furniture etailer hits profit milestone in fourth quarter
Pan-European Internet retailer Home24 said it was profitable by one earnings measure in the fourth quarter as it began to reap the benefit of efficiency initiatives.
Kent furniture retailer closes, citing roadworks impact
Ashford retailer Ashbury Furniture will close for good today (Feb. 17) after the privately-owned company suffered a downturn because of extended roadworks.
South East beds retailer to hit double-figure store numbers with latest opening
Sussex Beds will take store numbers into double figures with the opening of its tenth store next month.
It is business as usual for the Beales furniture website. Here's why.
The furniture ecommerce operation is unaffected by the department store retailer's insolvency.
Delcor opens fifth showroom at building rich with upholstery heritage
High-end sofa maker Delcor has a fifth showroom after it opened at the new Derwent House Living furniture and interiors store in Oxfordshire.
INTELLIGENCE
Market Data
Detailed market information about each of the Upholstery, Beds, Cabinet Furniture and Floorcoverings sectors at suppliers' prices.
Discover the up-to-date value of:
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UK production
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Imports
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Exports
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Key Trading Partners
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Total UK market size
BEST READ IN THE PAST MONTH
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Former Habitat head of trading named new Laura Ashley CEO
New CEO replaces Kwan Cheong Ng, who will retire from executive director duties at Laura Ashley this spring.
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Silentnight adding fifth U.K. brand store and eyes world markets for expansion
Silentnight, the U.K.'s biggest bed manufacturer, will this spring add a fifth brand showroom while it has engaged a former Sealy executive to explore options for taking its flagship brand to the U.S.
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Carpet yarn spinner to be sold to private equity in deal to end competition inquiry
Danspin has agreed to sell carpet yarn spinner Lawton Yarns to a London based private equity firm in a deal that would end the competition watchdog's antitrust investigation into its earlier takeover.
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For the first time ever, IKEA will close a big box U.K. superstore
Retail giant IKEA will this summer permanently shut its Coventry store, the first time the U.K.'s largest home retailer has pulled the plug on one of its mammoth superstores. 352 jobs are at risk.
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The significance of IKEA closing a store could be easily misunderstood
The planned closure of IKEA Coventry this summer will, in theory, put a vast sum of money back into the furniture and homewares market for all to fight for.
INTELLIGENCE
Retail Sales
Up-to-date monthly UK retail sales data spanning total furniture and lighting sales PLUS detailed breakdowns for each of the Upholstery, Beds, Cabinet Furniture and Floorcoverings sectors.
Proprietary granular data covering:
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UK retail sales value and y/y delta. Monthly and annual
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Breakdown by product category
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Historical data
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Monthly and annual figures
OPINION & ANALYSIS
It is business as usual for the Beales furniture website. Here's why.
The furniture ecommerce operation is unaffected by the department store retailer's insolvency.
The significance of IKEA closing a store could be easily misunderstood
The planned closure of IKEA Coventry this summer will, in theory, put a vast sum of money back into the furniture and homewares market for all to fight for.
Ponsford provides reminder of balance of power held by U.K. furniture independents
Trade is challenging and a number of hitherto heavily-lauded ecommerce furniture retail businesses have hit tough times in recent months. Figures from retailers like Ponsford serve to remind why the balance of power remains with established independents.
Emerging mattress companies are redefining what it means to be successful. Literally.
Since the turn of the year all four of the pre-eminent bed-in-a-box companies operating in the U.K. market have made the news.
DATA & LISTS
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Insolvency: Furniture company winding up orders, administrations & liquidations between Feb. 8–14, 2020
Nine insolvencies from within the furniture and furnishings industry were announced in the period from February 8–14, 2020.
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Who's owed what by insolvent furniture trade companies: The Debt Report, Feb. 14, 2020
Today's list contains seven insolvent companies leaving combined debts of c. £2.8 million. Names all c. 50 creditors owed £10,000 or more.
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Furniture, furnishings trade insolvency appointments in the week to Feb. 7, 2020
Ten insolvencies from within the furniture and furnishings industry were announced in the period from February 1–7, 2020.
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Who's owed what by insolvent furniture trade companies: The Debt Report, Feb. 7, 2020
Today's list contains eight insolvent companies leaving combined debts of c. £1.25 million. Names all c. 20 creditors owed £10,000 or more.
TOP STORIES
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Spike in furniture insolvencies last year as creditor shortfall topped £169m
Bust furniture, furnishings and flooring companies left creditors facing an average shortfall of £3.25 million per week through 2019 as the number of businesses falling insolvent spiked year-on-year.
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Remaining 11 Beales stores will also close as buyer hunt fails so far
Administrators handling the insolvency of Beales say the department store chain's remaining 11 stores are also now earmarked for closure.
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MBO deal value disclosed for fitted furniture specialist Hammonds
Inaugural group accounts for the new holding company of fitted furniture specialist Hammonds disclose the deal value for its 2019 management buyout.
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Ekornes hires new CEO from outside furniture sector
Ekornes, the Norwegian company behind the Stressless recliner brand, has named Roger Lunde as its new chief executive.
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Laura Ashley in talks with lender amid downturn in furniture sales
A decline in furniture sales have sparked a liquidity crunch at Laura Ashley, which says it is in talks with lender Wells Fargo regarding its funding requirements.
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German mattress-in-a-box company sold to compatriot trade supplier
High-end German bed maker Ruf Betten has acquired the company behind ecommerce mattress-in-a-box brand Bruno Sleep.
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Family-owned Ena Shaw calls in administrators and ceases trading
Ena Shaw, the Potter-family owned soft furnishings supplier and home retailer, has ceased trading and been placed into administration.
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Show-wood sofa maker files for insolvency for second time in six years
The company behind the Yeoman Upholstery business has been placed into administration, the second time the show-wood sofa maker has fallen insolvent in a little over six years.
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Value of key Chinese furniture companies plummets by equivalent to £1bn in past month
As British furniture retailers and wholesalers brace for production delays because of the coronavirus outbreak, investors in major Chinese furniture equities are already feeling the pinch: in their pockets.
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Low-skilled sofa workers may not qualify for visa under new immigration proposals
BFM says it will make the case for Britain's furniture industry as the sector digests new proposals from the independent body advising the Government on post-Brexit migration.
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OTHER NEWS
Wren to replicate U.K. model in the U.S. with factory and retail showrooms
Fast-expanding kitchen maker and retailer Wren will this spring open a 252,000sqft U.S. factory ahead of launching its first overseas showrooms this summer.
Longtime sales director at fabrics group leaves for Prestigious role
Experienced soft furnishings industry executive Rob Surtees has joined West Yorkshire based fabrics supplier Prestigious Textiles as U.K. sales director.
Sales jump 48% for homewares distributor
South East homewares distributor Sabichi enjoyed bumper sales growth last year as investment in new product paid dividends.
MiBed owner consolidates debt, lowering cost of borrowing
Adjustable beds and upholstery producer Furmanac has refinanced, agreeing a new loan that will lower its overall borrowing costs.
Malaysia furniture fair pushed back to summer because of coronavirus
The impact of the coronavirus on Far East trade shows has spread beyond China with the organiser of the Malaysian International Furniture Fair (MIFF) postponing its spring event until the summer.
European furniture etailer hits profit milestone in fourth quarter
Pan-European Internet retailer Home24 said it was profitable by one earnings measure in the fourth quarter as it began to reap the benefit of efficiency initiatives.
Kent furniture retailer closes, citing roadworks impact
Ashford retailer Ashbury Furniture will close for good today (Feb. 17) after the privately-owned company suffered a downturn because of extended roadworks.
South East beds retailer to hit double-figure store numbers with latest opening
Sussex Beds will take store numbers into double figures with the opening of its tenth store next month.
Delcor opens fifth showroom at building rich with upholstery heritage
High-end sofa maker Delcor has a fifth showroom after it opened at the new Derwent House Living furniture and interiors store in Oxfordshire.
Wayfair to cut 550 jobs after building excess during growth phase
Home furnishings ecommerce giant Wayfair is to lay off 550 people worldwide, representing about 3 percent of its global workforce, according to the Boston Globe.