Magnet Kitchens, a major UK kitchen retailer, is closing 15 of its 159 showrooms as part of a proposed company voluntary arrangement (CVA) aimed at reducing property costs and improving long-term financial resilience. The Watford branch on Caxton Way closed on July 14, with orders transferred to nearby stores in St Albans and Harrow.
Restructuring Details and Impact
The CVA process, subject to creditor approval, is being overseen by restructuring firm Interpath, led by Natasha Harbinson, Will Wright, and Chris Pole. The company aims to negotiate with creditors to reduce rent and other property expenses deemed “no longer sustainable” while allowing the wider business to continue trading. Affected staff will be supported with alternative roles where possible.
CEO Statement on Long-Term Health
Magnet chief executive Sophie Rose stated: “This is a difficult decision and not one we have taken lightly, particularly where colleagues may be impacted. But taking this action now is the right thing to do for the long-term health of Magnet Group. It allows us to deal with property costs that are no longer sustainable and protect the stronger parts of our estate.” She added that removing these costs will allow investment in growth areas and improve profitability.
Full List of 15 Closing Showrooms
- Andover, Hampshire
- Birmingham Minworth, West Midlands
- Blackburn, Lancashire
- Bridgwater, Somerset
- Brighton, East Sussex
- Colwyn Bay, Wales
- Dorking, Surrey
- Farnborough, Hampshire
- Ramsgate, Kent
- Romford Trade, Greater London
- Stirling, Scotland
- Stockton, County Durham
- Watford, Hertfordshire
- Weymouth, Dorset
- York Trade, North Yorkshire
Customer Assurance
Magnet reassured customers that service will remain uninterrupted, with orders from closed showrooms handled by the nearest alternative branch. The company operates more than 150 showrooms across the UK.
