29 May 2024, 21:56
By Furniture News Apr 02, 2014

Paul Simon enters administration

According to a notice on the company's website, homewares chain Paul Simon (London) Ltd has entered administration.

Lee Antony Manning and Nicholas Guy Edwards of Deloitte LLP have been appointed joint administrators of Paul Simon – a list of follow-up contacts has been published on the site.

"Like many other retailers, Paul Simon has been hit hard by the uncertain economic environment,", says Lee. "In addition, its core business has been undermined by the increasing importance of online sales, causing an erosion of margins. This was compounded by the impact of the recent widespread flooding, which restricted many customers' access to several stores.

"These issues made an element of the store portfolio unprofitable and led to a projected imminent cashflow deficiency, resulting in the administration appointment."

Deloitte reported that the company will continue to trade while a buyer for all or parts of the business as a going concern is sought, and that Lee has indicated that interested parties have already come forward.

The company employs around 550 staff.

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