Restructuring advisors, Lee Causer and Sarah Rayment, of BDO, were appointed joint administrators of Nottinghamshire furniture importer, Mark Webster and its parent company last month.
Following the appointment, both Mark Webster Designs and Mark Webster Holdings have ceased trading with immediate effect.
In a statement, administrators said: “Designs’ trade has suffered from wider economic challenges, such as negative exchange rate movements, increased container costs, fuel and wage costs and supply chain delays.
“The combined impact of these factors has been a significant strain upon working capital and the inability to secure new product has resulted in the business being unable to meet orders from customers.
“As joint administrators, we will be taking all necessary steps to maximise returns for the benefit of all creditors in accordance with our legal duties.”
Detailed in its latest filed accounts, the business posted a profit of £147,237, up from a loss of almost £40,000 a year earlier, but significantly down from £2.1m recorded in 2019.