Thu, 23 Feb 2012 | ADMINISTRATION
Powerplay Textiles Ltd, the Lancashire-based distributor for branded clothing, has been bought out of administration.
The firm designs, imports and distributes Levi’s, Ben Sherman and Ecko-branded clothing across Europe, America and Asia. It also has the licence to use well-known characters including Betty Boop, Miffy, Disney, Withit and Peanuts and Snoopy on its clothing - underwear, swimwear, nightwear and socks.
Insolvency Today reported that joint administrators Philip Duffy and Steven Muncaster of Duff & Philips managed the pre-pack administration deal. The identity of the new owner was not revealed.
Powerplay’s 30 employees are to remain and the original management are to stay in control of the business as well.
The firm entered administration after suffering rent problems – it could not negotiate on its £500,000 premises costs with its landlord, after a tenant that was contributing £100,000 left the property.
Natwest, its source of funding, also pulled its support after concerns were raised “about the licensed nature of the products and therefore the value of its security.”
The company had recorded sales of £11 million for the year ending February 2012, net assets of £1.714 million and a post-tax profit of £140,358.
This unique and renowned freehold bar and restaurant in the heart of York City Centre offers over 250 covers across its spacious interior, pavement seating, and a rare rooftop terrace.
FREEHOLD
A well established and strongly profitable engineering business, located in the Midlands. The company will be an attractive acquisition for both a larger trade buyer and also those looking for a stable engineering business.
This European pharmacy manufacturer specialises in providing custom clinical trial batches for leading pharmacy companies across the continent, playing a crucial role in their R&D efforts.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.