Overview
- Magnet formally proposed a Company Voluntary Arrangement on Tuesday, June 30, 2026, that would close 15 named showrooms to reduce property and rental costs.
- The company published a specific list of the 15 affected sites and said the vast majority of its roughly 159 stores will continue to trade as normal.
- Interpath advisers Natasha Harbinson, Will Wright and Chris Pole have been appointed to oversee the CVA and the plan must be approved by creditors before it can proceed.
- Magnet pledged to support affected staff and to transfer customer orders from closing sites to the nearest alternative branch, but it has not disclosed how many jobs will be lost.
- The move follows Magnet’s return to UK private equity ownership earlier in 2026 and reflects wider high‑street pressure on store economics; the next key developments to watch are creditor votes and any timetable for closures.