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.
This long-established butchers in the Peak District offers a robust opportunity for acquisition, serving a loyal client base, including hotels, pubs, and restaurants.
LEASEHOLD
This is an exciting opportunity to acquire a well-established brand owner and distributor specialising in pet treats, food, and toys across the UK and Ireland.
This established distributor of homeware brands offers a unique opportunity to enter the UK, European, and US markets with a focus on wellness and educated-health products.
LEASEHOLD
09
|
Jul
|
Equipment hire firm divests welfare van fleet | DIVISION SALE
Newcastle-based equipment hire firm Nixon Hire has divested ...
09
|
Jul
|
Former care home to reopen following acquisition | COMMERCIAL PROPERTY
A former care home in Nottingham is set to reopen following ...
09
|
Jul
|
Financial advice consolidator Finli Group completes six more acquisitions | BUSINESS SALE
National financial advice firm Finli Group has continued its...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
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.