Furniture retailer shuts in Beverley - but empty store is expected to be in demand

By Hull Daily Mail | Posted: 11 Jan 2018

Furniture store Multiyork has closed in Beverley, after administrators were called in by the national retailer.

The Norfolk-based furniture maker entered administration in November, putting more than 500 jobs in 50 shops at risk.

Multiyork’s Beverley branch had continued trading while administrators Duff & Phelps sought a buyer for the business.

Last month, Doncaster sofa firm DFS Furniture rescued eight stores from the failed retailer.

The Beverley store has now shut its doors but local property experts do not believe the prime site in Saturday Market will be vacant for long.

The former Multiyork store is in a prime location in Beverley's Saturday Market

Chris Mason, valuer at Hull-based Scotts Property LLP, says: “Reflecting the high levels of interest in Beverley town centre, we do not expect the Multiyork premises to remain empty for long.

“It offers a sizeable floorplate although the configuration will be an issue for some potential occupiers as it is a relatively long and thin unit.”

The store, which was cleared of remaining stock on Thursday, is a few doors away from the recently-opened Jack Wills clothing store, which was quickly snapped up after the premises became vacant last year.

Read more: How booming Beverley is attracting rich investors as shop snapped up for £1.3m

Mr Mason says: “Beverley is regarded as a strong market town that has attracted good quality occupiers with few voids.

“The demand from occupiers and investors shows strong confidence in Beverley town centre.”

The flourishing town centre has attracted an influx of aspirational niche brands in recent months, including Jo Malone London, Hotel Chocolat and Mint Velvet.

The vacancy rate in Beverley town centre is just one per cent – 10 per cent below the national average.

National business Multiyork got into financial difficulties when it could not meet it financial liabilities as a result of trading losses.

The brand, which was founded in 1978, struggled in a challenging retail market, which has seen shoppers shying away from buying expensive items for their homes.

No one was available for comment at administrators Duff & Phelps.

READ MORE: Today's main headlines from Humberbusiness.com 



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