Furniture retailer chain Fabb Sofas – whose flagship store is in Hedge End Retail Park -has ceased trading and gone into administration leading to a potential 185 job losses nationwide.
The retailer, set up by DFS founder Lord Kirkham, opened in Hedge End in October 2016 moving into the old Kiddicare building and then went on to open a further eight stores. The retailer has appointed Price Waterhouse Coopers as administrators after they were unable to find a buyer for the business.
The administrators say no outstanding orders will be delivered to customers unless they can find a buyer for the order book and they will contact customers regarding deposits.
A statement posted on Fabb’s website said:
“Since incorporation, the Company has grown rapidly to nine stores across England and Scotland. Despite achieving significant revenues in such a short period, the business remained reliant on external funding to support trading losses. Without external funding, the business could not continue to meet payments as they fall due.
Given the cash flow position, the management team undertook a sales process to find a purchaser who could provide the funding required to continue to deliver the business plan and take the Company forward.
Unfortunately, it was not possible to achieve a sale and as such the directors had no option but to appoint administrators to protect the creditors of the Company.”
There are links on the PWC website for customers and suppliers who need further information here