Multiyork cuts 112 jobs as administrators struggle to sell furniture chain
PUBLISHED: 13:46 12 December 2017 | UPDATED: 17:43 12 December 2017
ARCHANT EASTERN DAILY PRESS (01603) 772434
More than 100 people have lost their jobs at the Thetford headquarters of troubled furniture chain Multiyork, administrators have confirmed.
They said no suitable bids had been received for the company, which went into administration on November 23, blaming difficult trading conditions.
As a result, 112 redundancies have been confirmed today at its Stephenson Way manufacturing base and head office as the company begins a winding-down process.
The chain has 50 retail stores nationwide, including in Norwich, Ipswich and Mellis, the village in Suffolk where it was founded in 1978. It employs 550 nationally, including 220 in Thetford.
Administrators Allan Graham and Matt Ingram, of Duff & Phelps, said they were working with workers to offer them support.
No details have been released of which jobs or departments are affected by the redundancies, nor how the decision was taken.
The stores nationwide are believed to be unaffected by the decision, and administrators continue to seek a buyer. If a sale is agreed, it would be down to the new owner to decide on whether the 112 staff would be brought back, a spokesman said.
Mr Graham said: “Despite considerable effort from both the administrators and the senior management team at Multiyork, it has not been possible to agree a sale of the entire business yet.
“While we recognise that there were some offers made, they were not at a level that either produced an acceptable outcome for the company’s stakeholders or could guarantee the future stability of the business.
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“We will continue efforts to sell all – or parts of – the business; but during this period of managed wind down, the process of selling in-store display items and other business assets will begin. We will also continue to fulfil customer orders.”
He added: “We can confirm that the number of redundancies stands at 112 roles in Thetford and we are working with all stakeholders to ensure the best possible support for those who have lost their jobs.”