Corby furniture firm Kettle Interiors set to relaunch under former directors with new name

A Corby furniture company that went bust on Friday is set relaunch tomorrow (Wednesday, March 29) as a new company with two of the same directors and a new name.

All the assets of Kettle Interiors Ltd have been bought by Kettle Home Ltd in a management buyout, director Ian Kettle said today.

The firm’s website has already been changed to reflect the new name of the company.

Kettle Home was set up in October last year and its three directors are Kettle Interiors managing director Stuart Caddy, CEO Ian Kettle and former BBC journalist Joe Pignatiello. Both Caddy and Kettle were former directors of Kettle Interiors and Pignatiello is already involved in a number of furniture firms.

It comes after family-run Kettle Interiors made all 126 of its employees redundant on Friday and appointed administrators Begbies Traynor. It’s thought many of the former workers have now been re-hired at the Macadam Road site.

The 30-year-old firm blamed escalating shipping costs that have put pressure on its finances since the outbreak of the pandemic.

It is not known whether the furniture factory that employs 1,000 people in Vietnam to make furniture for Kettle’s is affected by the situation.

A statement from CEO and director Ian Kettle sent to customers said that the UK operation was ‘in need of restructuring’.

He said the decision to place the company into administration had not been taken lightly, adding: “The directors would like to emphasise that all other efforts to avoid this decision have been exhausted in recent months.

"I am now able to confirm that Kettle Home Ltd has successfully negotiated the purchase of all stockholdings, outstanding order book, operating assets, intellectual property rights, including the name, product design and digital assets. Importantly, Kettle Home Ltd will continue to operate from 9am on Wednesday 29th March without major interruption to the services and products we provide to our loyal customers.

"All outstanding orders will be honoured and serviced by Kettle Home Ltd. All email addresses, telephone numbers and customer access to our website will remain the same. We welcome your communication and remain committed to our customers and the industry during the process of restructuring and look forward to continue serving you."

New orders will be completed by Kettle Home Ltd and outstanding orders placed prior to 24th March and paid for on a pro-forma basis will be honoured.

Outstanding invoices with Kettle Interiors UK Ltd will now be managed by Begbies Trayner Group. Mr Kettle said they "should continue to be paid as they become due".

A management buyout following a period of administration allows people who have previously been involved with the firm to raise finance in order to buy the assets of a company and to continue to trade.

A statement this morning from the joint administrator Begbies Traynor said: “We are currently working with our agents and assessing various offers for the goodwill and stock of the company.”