Mon, 10 Jun 2024 | ADMINISTRATION
An East Midlands-based online menswear supplier is seeking a buyer after falling into administration. Morrison McConnell Limited, which operates the Viyella-online.co.uk website, sells menswear, including clothing by heritage brand Viyella, to consumers and independent clothing retailers across the UK.
Richard Tonks and Kim Richards of BK Plus have been appointed as joint administrators of the company, which operates from an office in Riddings, Derbyshire. Following their appointment, the joint administrators are continuing to trade the company while actively seeking a buyer.
The company undertook initial marketing efforts in May, but ultimately fell into administration. Two members of staff were made redundant immediately upon the appointment of the joint administrators, with four members of staff remaining.
In a statement, the administrators said: “In response to evolving retail trends and the increasing shift towards online purchasing, Morrison McConnell Limited made significant investments in new websites.”
“However, the company has faced considerable challenges due to Brexit, with import duties on EU sales and increased freight and container costs leading many customers, both wholesale and direct-to-consumer, to seek alternatives.”
In its most recent accounts, for the year ending December 31 2022, Morrison McConnell Limited’s fixed assets were valued at £53,433 and current assets at around £606,000. However, at the time, it owed creditors approximately £953,162, with its net liabilities amounting to £293,821.
In a statement with the accounts, the company’s directors stated that it had undertaken steps to improve its financial results, including launching several new websites “directly aimed at the higher margin ‘direct to consumer’ sector.”
Directors added that product development was also underway to address the firm’s “historic sales imbalance between strong Autumn/Winter season and weak Spring/Summer performance”.
Find out more about what's driving the UK's insolvency rates
Click here to download our free guide on finding and buying distressed businesses and assets
Step into a world of design and transformation with your opportunity to acquire this thriving and profitable bathroom and kitchen design and installation business.We bring to market a business and brand that has designed and transformed the homes of...
LEASEHOLD
An exciting opportunity awaits in Long Sutton, Spalding, with this well-established electrical and toy retailer. Operating successfully since 1945, this family-run business has built a stellar reputation, offering an attractive venture for both exper...
FREEHOLD
Exciting opportunity to own a commercial property with potential for additional rental income or owner's accommodation.
FREEHOLD
17
|
Feb
|
PE-backed Solita buys digital group PUBLIC | BUSINESS SALE
Digital transformation firm PUBLIC Group International Limit...
17
|
Feb
|
NRG Marine bought by Alfa Laval to boost decarbonisation aims | BUSINESS SALE
Stockholm-listed engineering firm Alfa Laval has bought mari...
13
|
Feb
|
Danish-owned ITGL snaps up Swindon-based cybersecurity firm ISN | BUSINESS SALE
Technology services provider Intuitive Systems & Networks (I...
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.