Mon, 26 Feb 2024 | ADMINISTRATION
Administrators are marketing the assets of a company that operated luxury laser and skin treatment clinics for sale following its collapse. Elan Laser Clinics fell into administration on February 15 2024, with FRP Advisory partners Michelle Elliot and Anthony Collier appointed as joint administrators, and has now ceased trading.
The company was founded in March 2022 and operated five clinics across the UK, with locations in Portman Square (London), Leeds, Liverpool, Beaconsfield and Hale Barns. The clinics provided a range of skincare, cosmetic and laser hair removal treatments.
Despite seeing initial growth of the business and brand, the company incurred significant capital and operating costs while setting up the clinics and developing its brand. The significant operational costs of the company’s business model, combined with revenue growth that failed to meet expectations, led to unmanageable cash flow pressures.
Following the appointment of administrators, all 35 employees have been made redundant and the company’s assets are being marketed for sale, with interested parties urged to contact FRP Advisory. The company’s latest available balance sheet at Companies House dates from shortly after its founding in March 2022, with the firm’s total assets at the time amounting to around £295,000. However, its debts at the time left it with total liabilities of more than £250,000.
Joint administrator Michelle Elliot commented: "Elan Laser Clinics Ltd had an excellent reputation in the sector and had expanded rapidly since its inception. Unfortunately, despite this growth, lower than expected revenue was insufficient to cover operational costs and the business required significant funding to allow continued trading. Despite the best efforts of the directors in exploring alternatives, administration was the only option.”
"We will now focus on marketing the assets for sale and on providing every possible support to the staff for claims to the Redundancy Payments Office and accessing support agencies such as PACE.”
Despite recent signs of economic improvement, UK insolvencies are forecast to continue increasing this year
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