A long-established furniture store, which has been a fixture of Bath’s retail scene for 45 years, is going into voluntary liquidation after experiencing increasingly challenging trading conditions.
Neil Vinnicombe and Simon Haskew of the Bath and Bristol offices of Begbies Traynor have been nominated to handle the liquidation of KK Beds and Pine Limited. The business, which closed its Lower Bristol Road store at the end of May is due to formally commence liquidation on 13th June.
Commenting on the closure, Neil Vinnicombe, partner at Begbies Traynor in Bath, said:
“It is always sad to see a prominent store on any High Street close it doors, especially one that has been trading for such a long time. Retailers who need significant square footage are under particular pressure, with expensive rates, as well as increased competition from online retailers.
“Our latest Red Flag Alert data, which monitors the financial health of UK companies, showed that there were more than 1000 businesses across Bath in ‘significant’ financial distress during the first quarter of the year. Worryingly, the data also shows that this economic malaise appears to be indiscriminate across multiple sectors.”
In a notice to customers, director of KK Beds and Pine Limited, Steve Bean, said:
“Sadly, due to rising costs and a massive drop in retail shop purchases nationwide, we have had to make the decision to close, it was a decision that was not taken lightly but with a heavy heart and great regret.”
Neil joined Begbies Traynor in 2003. He successfully sat the JIEB exams in 2005 and is a Licensed Insolvency Practitioner. He has 29 years' insolvency experience having previously worked at KPMG, Ernst & Young and Grant Thorton in Bristol.
He has a broad range of experience in Corporate Recovery and Rescue and works from the Bristol and Bath offices.