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11/09/2013
Hanna & Browne Enters Administration
Home furnishings chain, Hanna & Browne, has been placed into administration.
The firm, which is part of the family-owned Lisnasure Interiors group, has been in business for more than 100 years.
It had a number of branches across NI, but it has closed its stores in Newtownards, Limavady, Lisburn and Bangor, leaving the future of 100 jobs in question.
On the company's website, a message confirmed it had been placed into administration, while a statement was also released on behalf of Hanna & Browne.
James Neill, of administrators Horwood Neill Holmes, said: "A general downturn in trading conditions, coupled with a significant change in consumer spending patterns over recent times, has resulted in a marked deterioration in financial performance, significant cash flow constraints within the business and subsequently to the appointment of an Administrator."
"The Administrator and his staff are currently undertaking an immediate assessment of the trading and financial position of the partnership with a view to maintaining the going concern of the business. Once this is complete we will have a clearer picture of future options.
"Our immediate priority is to communicate with the key stakeholders of the business including employees, customers, suppliers and landlords."
Mr Neill added that the appointment highlights "the continued difficulties experienced by independent retailers on the high street."
(JP/CD)
The firm, which is part of the family-owned Lisnasure Interiors group, has been in business for more than 100 years.
It had a number of branches across NI, but it has closed its stores in Newtownards, Limavady, Lisburn and Bangor, leaving the future of 100 jobs in question.
On the company's website, a message confirmed it had been placed into administration, while a statement was also released on behalf of Hanna & Browne.
James Neill, of administrators Horwood Neill Holmes, said: "A general downturn in trading conditions, coupled with a significant change in consumer spending patterns over recent times, has resulted in a marked deterioration in financial performance, significant cash flow constraints within the business and subsequently to the appointment of an Administrator."
"The Administrator and his staff are currently undertaking an immediate assessment of the trading and financial position of the partnership with a view to maintaining the going concern of the business. Once this is complete we will have a clearer picture of future options.
"Our immediate priority is to communicate with the key stakeholders of the business including employees, customers, suppliers and landlords."
Mr Neill added that the appointment highlights "the continued difficulties experienced by independent retailers on the high street."
(JP/CD)
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