A furniture company with stores in Bromley, Kingston, Sutton and Twickenham has been placed in administration, putting dozens of jobs at risk.

Allan Graham and Matt Ingram, both of Duff & Phelps Ltd, were appointed joint administrators of Multiyork Furniture on November 22.

Mr Graham said there had been a downward trend in customer spending in the past year.

"Trading conditions for UK retailers continue to be difficult due to a number of factors including economic uncertainty, rising commodity prices, increasing business rates and the fall in value of the pound which has increased the cost of importing raw materials and products," he said.

"Many now face higher borrowing costs, given the rise in interest rates, which will only serve to heap further pressure onto household finances.

"This has impacted certain sectors particularly hard and as a result of trading losses, Multiyork could no longer meet on-going liabilities.”

Multiyork Furniture currently employs 547 people across its 50 stores and despite being placed in administration, will continue to trade.

"The joint administrators and management are currently undertaking a review of all orders placed up to November 22 and it is our intention that all orders be completed," Mr Graham said.

"We ask that customers who have placed orders be patient during this time and you will be contacted with further updates in relation to your order shortly.

“We intend to continue to trade the business for a short period as we look for a buyer. We are hopeful we can find a buyer and we are asking interested parties to come forward as quickly as possible."