Last Thursday (7th June) PwC's Toby Underwood and Peter Dickens were appointed joint administrators of Fabb Projects Ltd, which traded as Fabb Sofas from nine UK outlets.
Fabb was incorporated in 2015, but, despite achieving significant revenues since its incorporation, the company remained reliant on the support of investors to fund trading losses, and could not continue to meet its debts without their continued support.
Toby Underwood, joint administrator alongside Peter Dickens, and PwC partner, says: “Unfortunately, the directors have been unable to achieve a sale of the company, and as such the directors had no option but to appoint administrators. This has resulted in making 185 employees redundant and from [7th June], all of the company’s nine stores across the country will cease to trade and no further orders will be taken. In addition, it will not be possible to make any further deliveries, also from [7th June].
“The administrators are currently collating details of customer orders and stock records and trying to find a buyer for the order book. If a buyer is found it may be possible for them to complete some or all of the current orders. Where orders are not fulfilled, the joint administrators will write to customers with information as to how to make a claim.
“At this stage, we will not be able to provide information on customer orders or deposits. However, affected customers will be contacted as soon as possible to notify them of the position in relation to their order and deposit.”
The company operated through nine retail outlets – in Croydon, Orpington, Southampton, Watford, Nottingham, Edinburgh, Basildon, Preston and Paisley.
Further information can be found here.