Anthony Collier and Ben Woolrych, partners of FRP Advisory LLP, the business advisory firm, were today appointed joint administrators of Dean House Limited, trading as Betta Living. The company sent the majority of staff home and closed all 24 stores prior to the appointment of joint administrators on 4th November 2016.
Betta Living is a nationwide retailer of bedroom and kitchen furniture, headquartered in Oldham, Greater Manchester, and operates from 24 stores nationwide.
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 Betta Living 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, says: "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].”
