Fabb Sofas has fallen into administration less than two years after it was founded, due to a lack of external funding.

The sofa chain, which was established by DFS founder Lord Kirkham in 2016 and has nine stores across the UK, has attributed its collapse to insufficient investment.

The retailer said “despite achieving significant revenues in such a short period, the business remained reliant on external funding to support trading losses”.

“Without external funding, the business could not continue to meet payments as they fall due,” it added.

Fabb Sofas has appointed Toby Scott Underwood and Peter David Dickens as joint administrators after failing to secure a buyer “who could provide the funding required to continue to deliver the business plan”.

The retailer’s demise comes as House of Fraser unveils a CVA plan to close approximately half of its stores, while Poundworld has filed an intention to appoint administrators after struggling to secure a buyer.

Topics