A UK mattress firm has fallen into administration after 20 years in business. One Holding Ltd was founded in 2006 and traded under the name Visco Therapy, specialising in memory foam and latex mattresses.

It could be found in stock at Tesco, B&Q, The Range and Debenhams, alongside online on Amazon and Wayfair. However, administrators from Marshall Peters were appointed to oversee the company on March 16. The manufacturer's collapse comes after documents reportedly show that it faces significant debts towards suppliers, employees and the HMRC.

These were broken down by Interior Daily, highlighting that One Holding Ltd "owed preferential employee claims" of £17,900. The HMRC claims are said to total approximately £111,000.

Unsecured creditor claims are said to reach £1.3 million, with around £250,000 owed to a connected company.

Directors are said to be owed more than £20,000, with a further £43,000 owed to staff members, reports the Daily Record.

The breakdown also highlights that the firm owes around another £765,000 to trade creditors. It also owes major suppliers money, with debts around £204,000 owed to Vita Group, £203,000 to SMK Textiles and £62,000 to Carpenter.

Overall, the administrators' report suggests that creditors are expected to face a total shortfall of around £1.6 million following the mattress firm's plunge into administration.

One Holding Ltd is just one casualty of the ongoing pressure many UK retailers are facing at the moment. With rising costs, declining sales and a switch to online shopping, many other companies have faced similar challenges.

It's not the only mattress firm to be affected, as Airsprung also recently plunged into liquidation after 155 years of trading. The move made 71 of the brand's colleagues redundant.

The mattress firm, which was once considered the UK's second largest manufacturer of beds, was initially established as Chapmans of Trowbridge in 1871.

Its factory was said to be the size of 18 football pitches and produced more than 2,000 mattresses per day.

Alongside operating under Airsprung, the firm also traded under names Gainsborough and Airofreem to produce beds for hotels and filling for sports stadium seating. It was also stocked by major retailers including Dunelm, Argos and Asda.

However, after facing years of difficult trading conditions and months of cashflow challenges, administrators from PwC said directors had "no choice" but to place the firm into administration.

Daily Express has contacted Marshall Peters for comment.