Online retailer 2ndhnd which saw a surge in demand for its refurbished and pre-owned office furniture during lockdown has fallen into administration.
The company has 19 employees of which 13 have been made redundant and 6 have been retained to assist the administrators. Shenzhen Artificial Intelligence Services
It has two warehouses in Scotland and one in Essex and an e-commerce website which promotes high-end eco-friendly and sustainable office furniture.
Shona Campbell of Henderson Loggie has been appointed joint administrator with Lee Green and Andrew Kelsall of East Anglian accountancy firm Larking Gowen. Both firms are members of the association of independent accounting firm PrimeGlobal.
2ndhnd had reported a surge in demand from businesses and consumers as a result of the pandemic as businesses adapted to hybrid working practices and demand for environmentally sustainable purchases grew.
But trading has since been affected by economic uncertainty. The business also suffered from slow payment of debtors.
Ms Campbell said: “During the pandemic the company experienced healthy sales because of people furnishing home offices, and businesses reconfiguring spaces.
“Sales dropped significantly at the same time as larger furnishing contracts for offices declined as a result of the economic slowdown. We will now begin the process of selling the business and assets including the website, intellectual property and stock. Interested parties should get in touch to discuss.”
2ndhnd director Ross Dutton said: “It’s been eight years since starting this journey in the circular economy and up cycling, made possible with great support from many suppliers.
“I would like to thank all staff to customers who have supported me. It’s a pity we can’t continue this journey to help in the race to net zero. It was a tough market to pioneer we made notable progress on how things needed to change.”
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