Thu, 16 Jun 2011 | ADMINISTRATION
Moreglam, clothing maker to the likes of high street retailers New Look and Republic, has been placed in the hands of David Bennett and Jeremy Birch, administrators at Grant Thornton.
The Leicester-based clothes manufacturing and importing business has struggled to keep its head above water, and with debts of about £4 million has effectively drowned. Weak sales on the high street and the loss of several contracts have been cited as causes of the demise of the clothing business.
“We had to take the difficult decision to make 70 members of Moreglam’s staff redundant. Nine staff members have been retained to assist as we explore the options to achieve the best possible outcome for creditors from selling the stock,” Mr Birch said.
The stock sale represents a strong opportunity for clothing retailers.
Moreglam’s directors recommended to its bank that it place an administration order on the business, after having difficulty with completing orders over the past month or so.
Founded in 1997 to design, make and wholesale clothes for women and girls, Moreglam supplied local independent shops and several high street retailers including Peacocks and Dunnes.
Turnover figures for the past five years were not available for the company, but did report losses of £904,000 for the year ending 31 March 2009. Total current assets of £14.26 million were recorded for the same year.
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