Tough times ahead for staff as furniture retailer plunges into crisis

The Multiyork premises in Rivergate Arcade.
The Multiyork premises in Rivergate Arcade.
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Staff at a Peterborough furniture retailer are facing an uncertain future after the company went into administration.

Multiyork, which has a prominent outlet in the Rivergate Arcade, is continuing to trade while administrators try to find a buyer.

The 39-year-old upholstered furniture retailer, which employs 547 staff in 50 stores and a manufacturing site in Thetford, Norfolk, went into administration on Wednesday .

Aministrators Duff & Phelps say Multiyork will honour all existing orders placed until November 22 and customers will be contacted by the retailer.

Allan Graham, a joint administrator at Duff & Phelps, said: "Trading conditions for UK retailers continue to be difficult due to a number of factors including economic uncertainty, rising commodity prices, increasing business rates and the fall in value of the pound which has increased the cost of importing raw materials and products.

"This appears to be leading to a sharp fall in consumer confidence and less money being spent on discretionary items."