DFS founder’s Fabb Sofas falls into administration

15899

Furniture retailer Fabb Sofas has fallen into administration after citing an inability to “meet payments as they fall due”.

The retailer, which was founded by billionaire and DFS founder Lord Kirkham in 2016, has appointed PwC as administrators after a failed sale process, despite “achieving significant revenues”.

According to PwC, the business was reliant on external funding to cover to support trading losses, which have since been pulled forcing the directors into administration.

“Since incorporation, the company has grown rapidly to nine stores across England and Scotland,” PwC stated on Fabb Sofa’s site.

“Despite achieving significant revenues in such a short period, the business remained reliant on external funding to support trading losses.

“Unfortunately, it was not possible to achieve a sale and as such the directors had no option but to appoint administrators to protect the creditors of the company.”

Kirkham founded DFS in 1969 in an old billiard hall. In 2010 he sold the business to Advent International, in a deal which is understood to have made him £300 million.

The 73-year-old was reported to be worth £1.2 billion the 2018 Sunday Times Rich List. 

Click here to sign up to Retail Gazette‘s free daily email newsletter

27 COMMENTS

  1. How do I get my deposit back which I have paid to fabb sofas now that they have gone into administration ?

    • You will struggle unfortunately. However I have heard Furniture Village will do special deals for people like yourself who have lost money through Fabb Sofas. FV have nothing to do with the company but FV are a family company who will help if you buy a sofa from them. Give them a try, speak to the store manager at your local store

    • Linda, how did you pay the deposit? Most credit cards and in certain cases, some debit cards will refund you the deposit. If you paid via bank or cheque, sadly, that money is gone 🙁

  2. Just to clarify, the Retail Gazette has no affiliation with Fabb Sofas, we recommend you contact them directly about your deposit.

  3. I ordered a sofa which hasn’t been delivered. The order will not be delivered by Fabb which is fine but they are trying to sell the order onto another company, will I be forced to continue with my order if they sell it?

  4. I have just contacted the finance company and they have been told that no sofa orders will be fulfilled and fab sofa would not get payment until customer has delivery, they have cancelled the finance application. My sofa was due to be delivered next week.

  5. Any order on finance has a 14 day cooling off period so that you can cancel. You can cancel through the finance provider.

  6. Look at the chargeback process on Martin Lewis website. Through this you can get your money back if you paid by debit or credit card. 100% guaranteed. I have deal with this process many times. You have paid for something that you will never receive.

  7. I only got my sofas a couple of months ago…what happens to thee guarantee I have with them.

    What happens to the finance
    What happens if I have a problem

    Panicking

    • My sofa was delivered in december and just broke. I’m calling credit card company to try to get refund as it has been less than a year. we try to claim it as not fit for purpose as it broke/snapped.

  8. I bought a sofa paying the deposit and signing the credit agreement. I was due to receive my sofa in in 12 weeks following which the monthly payment would have commenced. Could you tell me what happens next and am i still liable for the payment although i have not received the goods.

    • Hi Ramesh, you need to contact the retailer directly. We are not affiliated with them as a business in any way whatsoever.

  9. I paid cash £500 deposit and rest on finance
    £3000 sofa from purley way

    I didn’t get an email or letter like others I know did, they haven’t replied to my refund request and I don’t know what’s going to happen with the sofa.
    What do we do if we can’t contact anyone?
    I called pwc they just gave me the email and said I’ll be responded to within 24hours
    It’s been a week now and no response

    Help please guys

  10. I have paid £1500 deposit for a sofa which was to be delivered in the first week in August ( cash deposit) when I phoned to sort finance out for the remander that is when I learnt what had happened can anyone help please ??
    No sofa and no money to purchase one

LEAVE A REPLY

Please enter your comment!
Please enter your name here