Mon, 25 Sep 2023 | ADMINISTRATION
Fashion brand Thought Clothing has fallen into administration after efforts to find a buyer for the business proved unsuccessful. According to a report in industry publication Drapers, the firm will continue trading while in administration, but between 20 and 25 staff members in non-trading roles have been made redundant.
While efforts to find a buyer for the business were unsuccessful, the company has stated that administrators will continue to seek buyers for the business and its assets. In its most recent accounts, for the year to January 31 2023, Thought Clothing's fixed assets were valued at £542,007 and current assets at £4.45 million, with net assets amounting to £2.1 million.
Thought Clothing was launched in 2002 as Braintree Clothing, before rebranding in 2016. The company’s clothes are stocked in around 20 independent shops in the UK and online through John Lewis, as well as at Sainsburys, with the firm having recently been announced as one of seven third-party brands that will be featured in the supermarket chain’s new in-store fashion hubs.
According to Drapers, several of the independent stockists say they had received emails from the company warning them of its impending administration and efforts to find a buyer.
Speaking to Drapers, Thought Clothing’s owner and co-founder John Snare said: "Despite our best efforts to secure the business, options became increasingly limited taking account of the current uncertain economic environment.”
Snare added: “Thought is continuing to trade while the joint administrators seek to sell the business and assets; several significant parties have already expressed interest in acquiring the business and assets.”
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