Betta Living goes into administration - Sheffield store shut and 300 jobs at risk
A national furniture chain has gone into administration, leading to the closure of stores in Sheffield and Rotherham.
Staff at Betta Living have been sent home and stores at Meadowhall and Rotherham have been shut.
Administrators have been appointed at the bedroom and kitchen furniture retailer, which operates 24 stores across the country.
A statement issued by administrators FRP Advisory said: “Betta Living has enjoyed a strong reputation with its customer base up and down the country for its range of home and lifestyle furniture and over the past few years has expanded its store footprint rapidly to meet growing demand.
“The Company’s annual revenues grew rapidly from around £16m producing profits of around £1m, to annual revenues more recently of around £50m.
“Rising occupational costs from newer space had pushed the Company into a loss making position and squeezed cash-flow, more recently to unsustainable levels leaving no viable option other than for the Company to seek the protection of administration to allow for a more viable long term solution to be found.
“The business has a staff base of around 300. The joint administrators will 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.
“If any customer has a query we would ask them to consult the company’s website or contact us at [email protected]”