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Multiyork cuts staff as it searches for a buyer

Multiyork has made more than 100 staff redundant and left nearly 500 jobs hanging in the balance, as its administrator scrambles to find a buyer for the furniture maker.The Norfolk-based firm has told 112 staff they have lost their jobs, and will be paid until Tuesday.Multiyork collapsed in November, citing difficult trading conditions. Its administrator Duff & Phelps said it was continuing its efforts to sell all or part of the business. However, Allan Graham, joint administrator at Duff & Phelps, said: “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.”The redundancies announced on Tuesday will affect staff at Multiyork’s headquarters and manufacturing plant. Staff were told that they can claim redundancy and holiday pay from the government.Adam Finch, a designer who has worked at Multiyork for four years, said: “There are people who have worked here for 20 years in tears. They don’t know what they are going to do next month.” Nearly 500 people will remain with the company for now, including staff across its 50 stores and employees at the headquarters in Thetford. 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.”
Source: BBC News

About Business Ideas UK

My name is Joel Bissitt. I have been an entrepreneur for 24 years and have run many small businesses across various sectors. For the last 10 years I have worked mainly within online media, franchising and small business start-ups.

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