Mon, 31 Oct 2022 | ADMINISTRATION
Administrators are seeking a buyer for the business and assets of an inflatable hot tub and accessories retailer. Clever Company Ltd, which is based in Widnes and Runcorn, fell into administration after seeing demand for its products fall over recent months.
The company had seen increased demand during the COVID-19 pandemic, but this has softened as a result of factors including rising energy costs. The firm, which supplies directly to consumers and a number of high street retailers, had also recently invested in its cost base. Coupled with waning demand, this led to the company experiencing significant cash flow pressure.
As a result of these issues, the firm’s directors opted to place the business into administration, with Howard Smith and Richard Harrison of Interpath Advisory appointed as joint administrators. 25 staff members were made redundant upon the appointment of the joint administrators, with nine employees retained to support the administration.
Commenting on the process, joint administrator and Interpath Advisory Managing Director Howard Smith said: "The lockdowns of 2020 and 2021 saw a huge surge in demand for hot tubs, but unfortunately this demand has started to soften, not least in the wake of energy costs starting to rise.”
"We will be providing assistance to those members of staff who have been made redundant and will also be seeking a buyer for the business and its assets. We advise any interested parties to contact us as soon as possible."
In its accounts for the year ending March 31 2021, Clever Company had fixed assets of £627,351 and current assets of £5.5 million. At the time, the company’s net assets less liabilities were valued at £381,478.
Contact the administrators here.
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