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."
This successful enterprise specialises in a wide array of mobility solutions from scooters to custom-configured wheelchairs and expert servicing.
FREEHOLD
An exciting opportunity to acquire a well-established curve and plus size fashion retailer located in two prime locations in South Yorkshire.
LEASEHOLD
This is an exceptional opportunity to acquire one of the largest independent Mercedes Benz dealerships in the Midlands, renowned for its expertise in servicing, repairs, and performance upgrades.
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.