Furniture importer clears £5m in stock as it prepares to wind down operations

26th June 2009 | imports | Cash and carry furniture and giftware importer Jig UK is holding a closing down sale across its five UK warehouses.

The firm is promising discounts of at least 25% off standard prices as it looks to clear £5m worth of stock. The Furnishing Report understands it will close by November, if stock is not cleared before.

A source within the firm said staff were informed of the decision to close three weeks ago, with director retirement pinpointed as the chief reason.

The firm has released stellar results in each of the past five years, with pre-tax profits of about £1m each year and shareholder funds standing at £7.56m at the time of its last filed accounts.

The firm sells to retailers via the Internet, through catalogues and from its five warehouses in Bristol, Manchester, London, Glasgow and Grantham.

A statement on the firm’s website says the group’s other businesses are not affected by the closure.