London-based bed and furniture manufacturer Warren Evans has gone into administration.
Allan Graham and Geoff Bouchier of Duff & Phelps were appointed joint administrators to Designer Ideas Ltd, trading as Warren Evans, yesterday.
Founded in 1978 the company, which has 14 showrooms in London and south-east England, was started by Warren Evans Adams with a couple of hundred pounds borrowed from his sister. He opened his first showroom in Camden, North London, in 1985 and expanded steadily, carving out a reputation as an ethical furniture maker.
Warren Evans uses timber from sustainable forests and manufactures its beds using as little energy and water as possible. The business employs 287 and is headquartered in Camden, North London, with a manufacturing site in Walthamstow, north-east London.
Allan Graham states: “Warren Evans appointed Duff & Phelps in November 2017 to identify a new investment partner in the business. Despite strong LFL sales in the pre-Christmas period, the picture moving into 2018 has been dramatically different and this has impacted the search and scope for new investment.
“Warren Evans is rightly recognised as one of the UK’s leading bed, mattress and furniture retailers, but trading conditions are exceptionally challenging, with the business hit by rising manufacturing costs and the continued squeeze on consumer wallets and confidence.
“Over the past year the business has been growing its market share with major investments in new product development. However, the search for a new investment partner has proved to be ultimately unsuccessful, and so the business and management were left with no option but to go into administration.”
The joint administrators are currently assessing the options for the business, which includes a review of the outstanding customer order book.