New owners for furniture company
Hayley MaceA furniture manufacturer which has shops across Norfolk and Suffolk is under new ownership after being sold by administrators.Mark Elliot Furniture, which is run from Beccles, where it has a factory and store, went into administration earlier this month and was sold immediately to private equity firm SKG Capital.Hayley Mace
A furniture manufacturer which has shops across Norfolk and Suffolk is under new ownership after being sold by administrators.
Mark Elliot Furniture, which is run from Beccles, where it has a factory and store, went into administration earlier this month and was sold immediately to private equity firm SKG Capital.
The company, which has stores locally in Southwold, Holkham, Holt, Norwich's Timberhill and Bury St Edmunds as well as others further afield, makes bespoke armchairs, sofas, dining tables and chairs, cabinets and sideboards.
The stores have remained open to trade as usual since the sale earlier this month, and no jobs have been lost.
A spokesman for administrators KPMG said: 'Joint administrators at KPMG sold trade and assets as a going concern to SKG Capital. There were no job losses, 64 jobs were preserved.'
Mark Elliot Furniture has been run from Beccles for 23 years and its current base is on Anson Way in the Beccles Business Park at Ellough.
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Earlier this year, retail marketing manager Rupert Farquharson, who has experience at Guinness and Adnams, joined the company as managing director and said at the time that he planned to expand the business and hoped to open a store near London.
The appointment came after sofa production was moved back in-house in 2009 when the Bury St Edmunds company it was working with started to struggle.
The last accounts, filed at the end of December 2008, showed that the company had liabilities totalling �2.8m and had appointed a supervisor to oversee a Company Voluntary Agreement with debtors in October 2008.
No one at Mark Elliot Furniture was available to comment.