Tue, 18 Dec 2018 | ADMINISTRATION
A prominent high street clothing chain has collapsed into administration just days before Christmas.
Blue Inc, a popular menswear retailer renowned for brands like Twisted Soul, enlisted the support of administrators less than two years after launching a CVA to advise on the future of the business. A new owner is now sought for the company, with offers from interested parties invited immediately.
Corporate recovery specialists Begbies Traynor have been approached to handle the administration of the business, and said in a corporate statement: “We can confirm that Blue Inc entered administration on Monday 10 December 2018. The remaining 31 stores will continue trading while discussions are in progress regarding the future of the brand. We cannot make any further comments at this time.”
The business cited weak footfall in stores and insufficient funds as the primary reason for its collapse into administration, which is likely to negatively impact shareholders Padma Textiles and Uniserve with multimillion-pound losses.
The shareholders have previously supported Blue Inc with a £2.6 million funding package which also allowed Miraj Khan and Yechezkel Yechiel, the two bosses of Padma Textiles, to become co-chief executives of Blue Inc in due course.
In the 18 months leading to July 2017, the company reported losses of £15.6 million pounds, despite in 2014 being tipped for a £60 million float when the company was led by former Marks & Spencer chair Lord Stuart Rose.
Click here to view the Blue Inc (UK) Ltd administration listing for full details.
For more news stories about administrations click here. For all our administrations listings, click here.
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