PwC takes charge at ailing furniture chain

Administrators from PricewaterhouseCooper have stepped in at retail furniture chain Furniture Express following attempts to restructure the business failed.

Roger Marsh and David Walker were appointed joint administrators on 4 October 2006.

FX has a network of 13 stores, the majority of which are located across Northern England, with its headquarters in Sunderland, Tyne & Wear

FX, which has an annual turnover of approximately £13m, was acquired by its management team following the administration of DP Furniture Express in 2005.

Administrator Roger Marsh commented: ‘Since the buy-out in 2005 the directors and management of the company have attempted to restructure the business to cope with what has become an increasingly competitive market. Unfortunately, the costs of restructuring and altering the business model, together with a deteriorating retail market, has led the directors to conclude the company does not have sufficient funds available to it to support ongoing operations.’