Lombok enters administration for third time in 11 years
Angora Retail (trading as Lombok) entered administration on 26th March, following “a period of difficult trading resulting from low levels of consumer spending and confidence in the lead-up to 2020”, compounded by the coronavirus crisis. All 43 members of staff have been made redundant.
The company, which was founded in 1998 and best known for its dark teak furniture made from reclaimed wood, had previously been through two pre-pack administrations – in 2009, when Privet Capital bought the group, and in 2011, when it was bought by Lombok’s private owner.
Brian Burke and Sean Bucknall of business advisory firm Quantuma have been appointed joint administrators. Prior to their appointment, Quantuma conducted an accelerated marketing process but was unable to conclude a sale. Discussions remain ongoing, with a view to selling the brand and IPR, and the administrators welcome interest from any parties.
Brian Burke, a director at Quantuma, says: “Angora Retail had, in line with many retail businesses, struggled as a result of the economic climate, changing consumer behaviour and spending habits. We also can’t ignore the impact that the coronavirus pandemic has had in this instance. The pressure on non-essential retailers is at it an all-time high, making it somewhat impossible for a company in this position to recover.
“Despite our efforts, we have been unable to conclude a sale up to now. However, we are still actively looking to sell the brand and its IPR and would urge any interested parties to get in touch.”