British furniture retailer Dwell ceases trading
The firm closes 23 stores and one concession outlet.
Upmarket furniture retailer Dwell, which owns 23 stores and a concession outlet, has stopped trading, putting 300 jobs at risk.
In May, the retailer appointed Argyll Partners to look at options including a sale, but the efforts failed.
The company has informed staff to stay at home and is preparing to appoint administrators. It is estimated to have customer deposits of around £1m and has informed that deliveries will not be made.
A company spokesman said: “The business had been working with its advisers, to secure further working capital for the business and was actively in the process of talking to a number of interested parties. However, despite this interest, it did not progress. As a result we have been left with no option but to close the business with immediate effect.”
The retailer received a funding of £5m from Key Capital Partners in 2010. At that time, Dwell said it will expand its stores and concessions across the UK within five years.
Based at Milton Keynes in London, Dwell began trading with a single store in Balham in 2003. It posted a pre-tax loss of £675,320 for the year ended 27 January 2012.
In the recent times, British retailers that suffered financially include HMV, Jessops, and Dreams.