Bury St Emunds: Jobs axed as Clement Joscelyne falls into administration

TWENTY jobs, including a number in East Anglia, have been axed following the collapse into administration yesterday of furniture and home accessories retailer Clement Joscelyne.

The company’s store in Langton Place, Bury St Edmunds, has been closed, with four employees made redundant, and a further 16 jobs are to go across the company’s other branches, in Norwich, Cambridge, Bishop’s Stortford, Brentwood, London and Brighton.

The administrators, Glyn Mummery and Jeremy French from restructuring and insolvency specialist FRP Advisory, based in Brentwood, said the remaining branches would continue to trade while a buyer was sought for the business and assets.

Clement Joscelyne, founded in 1879, is a fourth-generation family-run firm with an annual turnover of around �10.5million and a total workforce of 91. Besides its high street branches it also runs an online store.

“The recent decline in public and consumer spending, and high competition from large budget retailers has sadly hit small to medium sized retailers such as Clement Joscelyne hard,” said Mr Mummery.

“The company experienced high pressure during the past two years, with a drop in sales severely affecting the company’s cash flow. The difficult decision was made with directors to place the company into administration in order to retrieve the best possible outcome for creditors, the business and employees.”

Mr Mummery added: “We are aware of a significant amount of customer deposits that have been taken and are working with suppliers to ensure these are honoured where possible.

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“We are working hard to seek a buyer for the company whilst continuing to trade as a going concern, aiming to safeguard the jobs of all remaining employees and the heritage of the company.”