Outdoor furniture firm to close at the end of the year; All orders to be honoured

12th October 2009 | outdoor | Management at a Kent garden furniture manufacturer have written to stockists outlining a plan to close its business at the end of 2009.

Nova Garden Furniture, the trading name of Faversham Furniture, is expected to wind up operations after directors sent a letter to retailers with details of its proposed closure. It says all 2009 orders will be fulfilled.

The company, which is thought to have a turnover upwards of £10m, has seen profits fall in each of its past five years. In 2003, the firm returned a pretax profit of £752,067, but this has more than halved in each subsequent year, culminating in a £17,685 pretax profit in its latest recorded accounts, for 2007.

Despite the falling profits and proposed closure, the firm's balance sheet shows assets outstrip liabilities to the tune of £4.3m.