Mon, 19 Jul 2010 | ADMINISTRATION
Hammer and Theelen Ltd, which has been trading as Hillbrow Fashions, has entered into administration.
The firm, based in Stratford, East London, sources and supplies fashion clothing accessories for major retail chains including Debenhams, Dorothy Perkins, Topshop, ASOS and Jane Norman.
The company, established in 1904, has five members of staff and an annual turnover of around £3 million. It has confirmed that it will continue to operate with no redundancies while the joint administrators - Geoff Rowley and Jason Baker, partners at insolvency specialists FRP Advisory - seek a buyer for the business.
The administrators are 'working closely with suppliers and customers' to fulfill the £1.72 million order book ahead of the forthcoming winter season. Geoff Rowley said, “It is a great shame that this historic firm has been forced into administration. In common with many suppliers in the UK retail market, the business has found its margins under increasing pressure, particularly given intensifying competition from suppliers in Asia."
“Ultimately, the directors concluded that the business could not continue to trade without the protection of administration. The company does, however, maintain strong relationships with its key customers and, together with them, we are focused on fulfilling the existing, healthy order book,” he added.
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