Tue, 18 Dec 2018 | ADMINISTRATION
A prominent high street clothing chain has collapsed into administration just days before Christmas.
Blue Inc, a popular menswear retailer renowned for brands like Twisted Soul, enlisted the support of administrators less than two years after launching a CVA to advise on the future of the business. A new owner is now sought for the company, with offers from interested parties invited immediately.
Corporate recovery specialists Begbies Traynor have been approached to handle the administration of the business, and said in a corporate statement: “We can confirm that Blue Inc entered administration on Monday 10 December 2018. The remaining 31 stores will continue trading while discussions are in progress regarding the future of the brand. We cannot make any further comments at this time.”
The business cited weak footfall in stores and insufficient funds as the primary reason for its collapse into administration, which is likely to negatively impact shareholders Padma Textiles and Uniserve with multimillion-pound losses.
The shareholders have previously supported Blue Inc with a £2.6 million funding package which also allowed Miraj Khan and Yechezkel Yechiel, the two bosses of Padma Textiles, to become co-chief executives of Blue Inc in due course.
In the 18 months leading to July 2017, the company reported losses of £15.6 million pounds, despite in 2014 being tipped for a £60 million float when the company was led by former Marks & Spencer chair Lord Stuart Rose.
Click here to view the Blue Inc (UK) Ltd administration listing for full details.
For more news stories about administrations click here. For all our administrations listings, click here.
Excellent window and conservatory business. Superb bolt-on business. Entirely word of mouth business and still growing. No marketing necessary at this turnover. Offers invited.
LEASEHOLD
Established since 1978. High profile web and social media presence. Handover period offered. Offers invited.
Well established cash and carry in North Yorkshire. Established since 2003. This is a retirement sale. Offers invited.
|
15
|
|
Jul
|
Specialist engineering firm forced to appoint administrators | ADMINISTRATION
Rail contracting company Aspin Group Limited has been forced...
|
12
|
|
Jul
|
Irish mobile diagnostics firm snapped up by Blancco Technology Group | BUSINESS SALE
Blancco Technology Group, which provides a range of mobile d...
|
11
|
|
Jul
|
ASL Group completes its third acquisition in 18 months with Reprotec | BUSINESS SALE
Just one week after securing fresh private equity backing, A...
Sign up to receive our acquisition alert emails to get your FREE guide
|
25
|
|
Jun
|
Port Talbot construction business enters administration | ADMINISTRATION
A construction company based in Port Talbot has fallen into ...
|
05
|
|
Jun
|
North Yorkshire bathroom supplier enters administration | ADMINISTRATION
A bathroom supplier has collapsed into administration after ...
|
10
|
|
Oct
|
Bar firm enters administration | ADMINISTRATION
Bar firm Burning Night Group, the owner of a number of Bierk...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources