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."
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