Failure to find new investment sees Warren Evans fall into administration
Bed retailer and manufacturer Warren Evans has gone into administration after failing to find an outside investor.
Last month the 14-store chain appointed restructuring firm Duff & Phelps to find investment, with a deadline of the end of March, but it has now been appointed administrator
‘Despite strong like-for-like sales in the pre-Christmas period, the picture moving into 2018 has been dramatically different and this has impacted the search and scope for new investment,’ said Allan Graham, joint administrator said.
‘Warren Evans is rightly recognised as one of the UK’s leading bed, mattress and furniture retailers, but trading conditions are exceptionally challenging with the business hit by rising manufacturing costs and the continued squeeze on consumer wallets and confidence.’
Warren Evans employs 287 staff.