Brian Burke and Sean Bucknall of business advisory firm Quantuma have been appointed as Joint Administrators to luxury retailer Angora Retail Limited.
Founded in 1998, the company – which trades as Lombok – is a multichannel homeware brand selling exclusive handcrafted furniture, lighting and accessories. It is well-known for its Eastern/Colonial-inspired dark teak furniture made from reclaimed wood, with products sourced from the Far East, India and Vietnam.
Angora Retail entered administration on 26th March 2020 following a period of difficult trading resulting from low levels of consumer spending and confidence in the lead up to 2020. Its position has not improved and the detrimental impact on the retail sector as a direct result of the current Coronavirus crisis has subsequently pushed it into administration.
All 43 members of staff have been made redundant.
The company has been through two pre-pack administrations previously – one in 2009 when Privet Capital bought the group and the second in 2011 when it was bought by Lombok’s private owner.
Prior to appointment, Quantuma conducted an accelerated marketing process, however it was unable to conclude a sale. Discussions remain ongoing with a view to selling the brand and IPR and the administrators continue to welcome interest from any parties.
Brian Burke a director at Quantuma, said: “Angora Retail had, in line with many retail businesses, struggled as a result of the economic climate, changing consumer behavior and spending habits. We also can’t ignore the impact that the Coronavirus pandemic has had in this instance. The pressure on non-essential retailers is at it an all-time high, making it somewhat impossible for a company in this position to recover.
“Despite our efforts, we have been unable to conclude a sale up to now. However, we are still actively looking to sell the brand and its IPR and would urge any interested parties to get in touch.”
ENDS
Notes to Editors
Quantuma LLP is a leading business advisory firm which works with businesses at the key milestones, delivering partner led solutions to help clients take advantage of opportunities and overcome a range of operational and financial challenges, enabling them to achieve their business objectives and ambitions. The business has 18 offices, including 15 in the UK, two international offices in Cyprus (Nicosia and Paphos) and one in Mauritius.
