Stag Furniture (UK) In Administration

Written by Administrator February 16, 2006

Ian Green and Edward Klempka of PricewaterhouseCoopers LLP were appointed joint administrators of Stag Furniture (UK) Limited on 14 February 2006. Stag Furniture, based in Sunderland, with 556 employees, is the UK's largest manufacturer and supplier of assembled cabinet furniture. The company's main customers are mail order companies. They also sell to independent and multiple retail channels.

The business has suffered significant losses as a result of the severe retail downturn in the UK over the last 12 months. Following their appointment, the administrators will keep the business trading while they look for a buyer. Ian Green, joint administrator and partner at PricewaterhouseCoopers LLP, said: "We recognise that Stag is a major employer in the area and will be doing all we can to preserve the business and jobs for employees. We are currently undertaking a full review of the business with a view to trading on while we seek a buyer. Clearly for this to be possible we will need the support and continued co-operation of customers, suppliers and employees."