UK mattress firm sold at Tesco plunges into administration | UK | News
Many companies struggle with high costs (Image: Getty)
A mattress company operating in the United Kingdom has gone into administration after 20 years of operation. One Holding Ltd was founded in 2006 and trades under the name Visco Therapy, specializing in memory foam and latex mattresses.
It’s available in stock at Tesco, B&Q, The Range and Debenhams, as well as online at Amazon and Wayfair. However, on March 16, administrators from Marshall Peters were appointed to oversee the company. The manufacturer’s collapse comes after documents showed the company faced serious debts to suppliers, employees and HMRC.
The company was founded in 2006 (Image: Getty)
These were broken down by Interior Daily, which highlighted that One Holding Ltd was “owed by privileged employee claims” to the tune of £17,900. HMRC’s claims are said to total around £111,000.
The UK’s broadband companies ranked: Are yours first or last?
Unsecured creditor claims are said to have reached £1.3m and he owes around £250,000 to a linked company.
Administrators are said to be more than £20,000 in debt and also owe a further £43,000 to staff. Daily Record.
The analysis also highlights that the firm owes around £765,000 more to trade creditors. He also owes money to major suppliers; He owes around £204,000 to Vita Group, £203,000 to SMK Textiles and £62,000 to Carpenter.
Overall, the administrators’ report suggests creditors are expected to face a total shortfall of around £1.6 million after the mattress firm goes into administration.
One Holding Ltd is just one victim of the ongoing pressure many UK retailers now face. Many companies have faced similar challenges due to rising costs, declining sales, and the shift to online shopping.
Mattress retailer sold products through multiple well-known brands (Image: Getty)
It’s not the only mattress company affected, with Airsprung also recently going into liquidation after 155 years of trading. This move laid off 71 employees of the brand.
Once considered the UK’s second largest mattress manufacturer, the mattress company was first founded in 1871 as Chapmans of Trowbridge.
It was stated that the factory is the size of 18 football fields and produces more than 2,000 beds a day.
As well as operating under the name Airsprung, the firm also traded under the names Gainsborough and Airofreem, producing mattresses for hotels and filling sports stadium seats. It was also stocked by major retailers including Dunelm, Argos and Asda.
But after facing years of difficult trading conditions and months of cash flow difficulties, PwC administrators said it had “no choice” but to place the firm into administration.
The Daily Express contacted Marshall Peters for comment.
