Oldham-based kitchens, bedrooms and wardrobes retail chain Betta Living has entered into administration with business ceasing to trade as rescue plans are explored.
Anthony Collier and Ben Woolrych, partners of FRP Advisory LLP, the business advisory firm, were appointed joint administrators of Dean House Limited, trading as Betta Living, on 8 November 2016.
Betta Living, which operates from 24 stores across the UK and has a staff base of around 300, has seen rising occupational costs from newer space push the business into a loss making position, squeezing cash-flow and to an unsustainable level.
Administrators said it would continue to ‘review the financial position of the company in the interest of creditors whilst marketing for sale the business and assets’.
Anthony Collier, joint administrator and partner at FRP Advisory, said: “We are currently working with all stakeholders to see if we can find a solution that rescues the business and would ask any parties interested in any aspect of the business to make contact as soon as possible. Betta Living is a business with a strong brand and is well known up and down the country.
“At present the business has however ceased to trade and orders are not currently being despatched. We will be reviewing the order book and writing to individual customers this week.”
Prior to the appointment of administrators, Betta Living closed all of its stores on 4 November, sending home all staff, while the appointment was completed.
Betta Living, which has been established since 1966, saw recent revenues of around £50m but had no option other than to seek the protection of administration to allow for a more viable long term solution to be found.