A LANDMARK city furniture firm has gone into administration, days after announcing it was closing down.

Russell & Dorrell has appointed administrators from Grant Thornton UK LLP to handle the winding up of the company.

David Bennett and Jeremy Birch were appointed joint administrators on Tuesday, May 17.

The decision comes after Howard Dorrell, company director and company secretary, announced the firm had come to the “end of the road”.

Meanwhile, the company’s last accounts filed in January last year show liabilities, or debts, were £1.4 million more than its assets, putting the company firmly in the red.

The accounts also showed the furniture retailer had two debentures secured by Barclays Bank and Cenpac (AIS) Ltd, although they did not show how much the loans were for.

According to the ledgers, the value of the firm’s assets, including its buildings and vehicles, was almost £1.4 million, with a further £391,384 in owned stock and other assets, totalling nearly £1.8 million, in credits.

However, these figures were set against the company’s then current liabilities of £680,000 plus its long-term liabilities of £2.5 million, totalling nearly £3.2 million in debts.

Its working capital was running at £291,000 in the red at the time accounts were filed.

The closure of the firm will see the loss of 22 jobs, and the sale of the landmark furniture store – once the site of the city’s old cattle market.

Mr Dorrell said: “On behalf of the directors, I’d like to thank the staff for their continued support at this difficult time.

"The shop is open to the public during normal trading hours.”