Mon, 14 Jun 2010 | ADMINISTRATION
Scottish lingerie retailer Boudiche has had to close its doors after entering into administration, having suffered in the economic downturn and from tram works in Edinburgh.
All of its 13 employees were rendered jobless with immediate effect.
The joint administrators at RSM Tenon in Scotland are now seeking a new owner for the business. Administrator Tom MacLennan said: "Boudiche is a very high profile brand and was a rising star in the quality lingerie market, with the potential for further development, in particular the online business."
He believes the administration signifies a tremendous opportunity for an entrepreneur to develop Boudiche's business.
The successful retailer had launched in Frederich Street, Edinburgh in 2005, with its revenues rising from £68,000 in its first year to £660,000. Boudiche opened a second shop in Glasgow in 2008.
Online sales (originating from 50 countries) at the upmarket underwear retailer increased by 75 per cent in the last year.
The tram works led to a 40 per cent fall in passing consumers by the Edinburgh store, according to Boudiche's directors Claire Thommen and Fiona McLean. After an extensive, but fruitless, search for the funds needed to remain in operation, the administrators were summoned.
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