Smallbone Plc announces it is up for sale after a “challenging” February.
The company, which designs and makes furniture for kitchens, bedrooms and bathrooms for celebrities like Oprah Winfrey and Elizabeth Hurley, saw a decline in February sales and a significant reduction in customer deposits, it said in a statement.
This news comes just weeks after putting a financial package in place that was intended to generate positive cash flow in 2009. However, after a recent strategic review, it was deemed insufficient.
Some speculation is being made about whether the company will split off the Mark Wilkinson Furniture Line. Perhaps sell it back to the founder.
Mark Wilkinson co-founded Smallbone in the late 70s. He left Smallbone in 1981, and together with his wife Cynthia formed Mark Wilkinson Furniture (MWF).Mark and Cynthia sold MWF to Smallbone Plc in 2005, reuniting Smallbone and Wilkinson.