Owner rescues furniture retailer Mattucci in pre-pack deal

9th December 2009 | retail | Five store south east furniture retailer Mattucci has been rescued by its owners in a pre-packaged administration deal. The retailer, which has stores in Catford, Northfleet, Dalston, Walworth and East Ham, went into administration on 4th December.

But the administrator, insolvency firm Harrisons, has now completed a deal to sell the retailer back to Mattucci's sole shareholder, Baljinder Mattu, through a company called Sapphire Furnishings Corporation, which was formed at the end of July last year.

The phoenix company will honour all customer deposits under the agreement, and the Furnishing Report understands the intention is to continue to trade all five stores.

Mattucci specialises in Italian furniture, majoring in upholstery, but also including bedroom, living and dining cabinet, as well as lighting and art. At the time of publication, (9th Dec 09), Mattucci Ltd had six outstanding CCJs filed against it, ranging from £712 to £50,096.