Mon, 22 Jul 2019 | BUSINESS SALE
The Steve Brown art company has announced that it has entered administration as a result of prolonged cash flow issues and pressure from creditors.
Steven Brown Art Ltd, famous for its colourful McCoo art and print range, has appointed Tom MacLennan and Arvindar Jit Singh of FRP Advisory LLP as provisional liquidators of the business after the gallery and warehouse were forced to close their doors last week.
Ahead of the announcement, the news was confirmed to the company's employees, before trading was ceased and both the warehouse and gallery were closed. All members of staff have now officially been made redundant and will work with the administrators alongside the Redundancy Payments Service to ensure a smooth transition.
Administrators MacLennan and Singh have confirmed that the company's stock of artwork, merchandise and prints will soon be sold off, alongside other company assets including vehicles, plant and equipment. All interested parties have been encouraged to register their interest ahead of this assets sale.
Steve Brown Ltd was originally founded in 2016 and boasted an average turnover of £11.5 million. In spite of its success, the company required just 21 staff, with much of its artwork and merchandise being sold directly from the gallery, through third party retailers or online.
Commenting on the news that the company had entered administration, MacLennan said: "Steven Brown Art Limited became very well-known for its range of highly creative and engaging artwork based around the famous ‘McCoo’ brand.
"Although the company grew rapidly it had been suffering from serious cash flow problems and creditor pressure. As such the only option was to place the company in liquidation."
E-commerce retailer of football equipment to schools football clubs & the general public. Key products include specialist training equipment footballs goals & other coaching materials.
Rapidly growing hot beverage brand utilising novel infusion process technology. Products are infused & packaged in-house then sold to an established retail base including UK supermarkets over 30 export markets & direct to customer online sales.
Founded in the 1990s, this substantial business is a significant premium regional kitchen retailer, located in the West Midlands. In addition to two outstanding showrooms, the business also has a significant contracts division.
22
|
Jan
|
630,000 UK businesses in “significant financial distress”, according to report | BUSINESS NEWS
According to the most recent Red Flag Alert research from Be...
21
|
Jan
|
ProCook considering sale as it undertakes strategic review | BUSINESS NEWS
Kitchenware retailer ProCook is to undertake a strategic rev...
20
|
Jan
|
Modulaire Group extends UK presence with Carter acquisition | BUSINESS SALE
Modular space leasing business Modulaire Group has announced...
Sign up to receive our acquisition alert emails to get your FREE guide
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