A national furniture company which has a head office and manufacturing facility in Thetford has gone into administration.
Multiyork Furniture, which employs 547 people, is looking for a buyer after calling in administrators Duff & Phelps as it could ‘no longer meet on-going liabilities’.
The company has 50 retail stores nationwide including in Mellis, Suffolk, as well as a maunfacturing facility and head office in Thetford.
About 300 people are employed across the two Thetford sites.
Allan Graham, joint administrator with Matt Ingram, said: “Trading conditions for UK retailers continue to be difficult due to a number of factors including economic uncertainty, rising commodity prices, increasing business rates and the fall in value of the pound which has increased the cost of importing raw materials and products.
“This appears to be leading to a sharp fall in consumer confidence and less money being spent on discretionary items.
“The British Retail Consortium has been reporting that real consumer spending power has been on a downward trend in the last year as the acceleration in inflation has caused shoppers to become ever more cautious in considering what purchases they can afford.
“Many now face higher borrowing costs, given the rise in interest rates, which will only serve to heap further pressure onto household finances.
“This has impacted certain sectors particularly hard and as a result of trading losses, Multiyork could no longer meet on-going liabilities.”
The company’s current management team is continuing in their role and assisting the administrators.
Mr Graham added: “The joint administrators and management are currently undertaking a review of all orders placed up to 22nd November 2017 and it is our intention that all orders be completed.
“We ask that customers who have placed orders be patient during this time and you will be contacted with further updates in relation to your order shortly.
“We intend to continue to trade the business for a short period as we look for a buyer.
“We are hopeful we can find a buyer and we are asking interested parties to come forward as quickly as possible.”
Multiyork was founded in 1978 and initially operated in the Old Mill site, in Mellis.