Thu, 09 May 2013 | ADMINISTRATION
Online designer clothing retailer Coggles has been placed into administration.
Andy Clay and David Acland of Begbies Traynor have been tasked with managing its affairs. They are continuing to trade the York-based business while looking for a buyer. About half of its 60-strong workforce has been made redundant.
The online retailer supplies over 200 women’s and men’s designer label collections from fashion houses, up and coming designers and international brands. Established in 1974 as Sarah Coggles, the business expanded to sell its clothing on the internet after the success of its shops in York.
Coggles had grown by 105 per cent after an investment of £3 million was received from Manchester Square Enterprises in 2011. Coggles’ chief executive Mark Bage said the company had predicted a sales figure of £8.1 million for 2013. It had been working on winning another £4 million of investments to further expand its sales, up its global marketing budget and grow brand awareness.
It needed the finance much sooner, however, when weak sales before Christmas hit the business.
Commenting on the administrators’ efforts, Mr Clay said: “We are continuing to trade two of the York stores and the website as usual while we market the business. With its strong brand name and excellent reputation, we are optimistic that a buyer will be found and that Coggles will continue in some form."
“We are currently reviewing the business and making every effort to secure a return for the creditors and a future for the business and staff,” he added.
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