ICC CREDIT: 10% of all UK furniture manufacturers are in liquidation

Aug 10, 2005. /Lesprom Network/. ICC Credit, one of the UK’s leading credit reference agencies reports that Klaussner Furniture Ltd based in Manchester has gone into administration. Klaussner was formed in 1974. Their turnover was just over £52 million ($93.0 million) in 2004 - this was the last time the company filed their accounts. The company achieved a profit of £722,000 ($1.3 billion) in 2004. Klaussner is not the only company in this sector to have run into difficulties. 10% of companies within the furniture manufacturing sector are in liquidation. Matthew Debbage, head of product and marketing, ICC Credit said, “The decline in consumer spending is clearly having a negative effect on furniture sales. I don’t wish to be the harbinger of doom, but I expect to see further business failures in 2005.”