Ilva, the troubled furniture chain, ran up losses of £11.5m before it had even opened the doors of its first UK store, a
ccounts filed at Companies House last week by the group’s UK subsidiary have shown. Daily Telegraph
The retailer parted company with chief executive Martin Toogood earlier this year and its private equity backer, Advent International – which has invested more than £50m in the business during the past three years – has refused to invest any more.
Ernst & Young, lva’s auditor, warns of ‘material uncertainty which may cast significant doubt about the company’s ability to continue as a going concern’.
An Ilva spokesman said: ‘The turnaround of the business is under way. Ilva is well funded and Kaupthing is very supportive. These start-up losses were expected.’