Bespoke furniture manufacturer Furniture by Martin was sold in a pre-pack deal after entering administration.

Andrew Turpin and Matthew Douglas Hardy, of Poppleton & Appleby, were appointed as joint administrators of Martinhaswell Ltd, trading as Furniture by Martin, on 17 October 2024.

Ahead of the appointment, the company suffered cashflow issues in relation to a customer collapsing as well as other pressures putting further strain on the business. Despite attempts to improve trading, the company was insolvent.

Following the appointment of administrators, the company was sold to HUX London Limited for a sum of £40,000, which was paid upfront upon completion. It is understood that there is no connection however, the acquiring company detailed its intention to invite the director of Furniture by Martin to join its business.

As part of the acquisition, all 13 staff were transferred to HUX avoiding any redundancies.

Meanwhile, preferential creditor, the HMRC is owed £74,000 and unsecured creditors are owed a sum of £954,000. These included an inter company debt of £392,000, a sum of £102,000 owed to Funding Circle and a further £50,000 owed to the HMRC. It is expected that creditors will suffer a shortfall of £1.1m.