Thu, 04 Oct 2018 | ADMINISTRATION
Swansea-headquartered beauty bar chain, Arch Angelz Ltd has gone into administration following failure to secure additional funding.
Established in 2008, the beauty bar chain specialised in customer makeovers and operated 31 concessions in the stores of the national high street retailer, Debenhams.
Sales were approaching £3m for the beauty bar chain but the lack of funding has resulted in it being unable to continue on.
Graham Randall and Mark Roach from the corporate recovery and business advisory firm of Quantuma have been appointed as joint administrators. Senior administrator, Rachel Maskrey will be providing a supporting role.
Graham Randall said: "There has been a significant decline in the UK retail sector over the last 12 months and this has adversely impacted turnover of Arch Angelz.
"The company started to experience financial difficulties earlier this year and despite recent attempts by the company and its advisers to find a buyer, it is with regret that the sale process has not been successful and the company has no alternative than to cease trading.
"This will be a difficult time for staff in the period leading up to Christmas and it is our priority to assist all employees with their claims while conducting an orderly wind down of the business and seeking to maximise the recovery for creditors."
The general decline in the retail sector and the rise in online shopping has contributed to the financial difficulties of the firm and a falling turnover.
Quantuma is a business advisory firm that provides solutions to distressed businesses and individuals with financial difficulties.
For all our administrations listings, click here. For more news stories about administrations click here.
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