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.
A small team of three of us focus on sales, purchasing, and administrative tasks. The business could easily be integrated within an existing team to support higher profits.
RELOCATABLE
Specialises in sales of rare, vintage and celebrity-owned instruments, including acoustic, electric and bass guitars, as well as amplifiers, effects pedals and accessories.
LEASEHOLD
Offers an extensive range of sports, prestige and exotic vehicles to customers and clients throughout the UK. Utilises a highly experienced team to provide vehicle servicing, valeting and detailing, delivering cars on time, within budget and with a h...
LEASEHOLD
|
09
|
|
Apr
|
Topshop flagship store up for sale | COMMERCIAL PROPERTY
Topshop's flagship Oxford Street store in London is dra...
|
09
|
|
Apr
|
Gestamp’s former Washington warehouse hits the market in £6.5m auction | COMMERCIAL PROPERTY
The former Washington base of international car parts manufa...
|
08
|
|
Apr
|
Decorating contractor targets acquisitions after MBO | MBO/MBI
Scottish commercial decorating contractor Bell Group has com...
Sign up to receive our acquisition alert emails to get your FREE guide
|
03
|
|
Mar
|
Fazenda restaurant group acquired from administrators in pre-pack deal | BUSINESS SALE
The Yorkshire-based Fazenda restaurant chain has been acquir...
|
18
|
|
Jun
|
Hotel chain Suite Hospitality enters administration | ADMINISTRATION
Suite Hospitality, which operates hotels in Exeter, Windsor ...
|
27
|
|
Apr
|
Lincs Lifts seeks buyer after appointing administrators | ADMINISTRATION
Scunthorpe-based powered access hire business Lincs Lifts is...
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