Sofas and beds manufacturer Maker&Son was placed into administration after a creditor failed to agree to its restructuring plan.
Benjamin Jones and Arvindar Singh, both of FRP Advisory Trading, were appointed as joint administrators of Maker&Son Limited on 3 October 2022.
Maker&Son, which has been acquired by Inc & Co group in a reported multi-million-pound deal, confirmed that despite the ‘forced restructure’, it remains ‘fully committed to the brand’.
A statement from the company said: “Inc & Co Group acquired Maker&Son in a share purchase deal earlier this year. The Group had paid down large debts as well as supporting cash flow to support the business, restart manufacturing and fulfil all customers orders.
“A strategic financial plan was put in place by the board to manage creditors over a short period of time, however one creditor has not been onboard with our plan, despite our full commitment to fulfil all creditor obligations, including customer refunds, within a reasonable period, and therefore they placed the company into administration last week.
“Although this has forced a re-structure of the business, we are extremely confident in the future of Maker&Son and are fully committed to the brand. This new change will not affect customers’ orders or our manufacturers and with the brand and business now stable, jobs saved and no plans for redundancies; we’re excited for the new growth potential in the business with full support from all the team.”
British furniture brand Maker&Son was founded by father & son, Alex Willcock & Felix Conran, the grandson of the late furniture designer Sir Terence Conran, in 2018.