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.
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