Mon, 10 Jun 2024 | ADMINISTRATION
An East Midlands-based online menswear supplier is seeking a buyer after falling into administration. Morrison McConnell Limited, which operates the Viyella-online.co.uk website, sells menswear, including clothing by heritage brand Viyella, to consumers and independent clothing retailers across the UK.
Richard Tonks and Kim Richards of BK Plus have been appointed as joint administrators of the company, which operates from an office in Riddings, Derbyshire. Following their appointment, the joint administrators are continuing to trade the company while actively seeking a buyer.
The company undertook initial marketing efforts in May, but ultimately fell into administration. Two members of staff were made redundant immediately upon the appointment of the joint administrators, with four members of staff remaining.
In a statement, the administrators said: “In response to evolving retail trends and the increasing shift towards online purchasing, Morrison McConnell Limited made significant investments in new websites.”
“However, the company has faced considerable challenges due to Brexit, with import duties on EU sales and increased freight and container costs leading many customers, both wholesale and direct-to-consumer, to seek alternatives.”
In its most recent accounts, for the year ending December 31 2022, Morrison McConnell Limited’s fixed assets were valued at £53,433 and current assets at around £606,000. However, at the time, it owed creditors approximately £953,162, with its net liabilities amounting to £293,821.
In a statement with the accounts, the company’s directors stated that it had undertaken steps to improve its financial results, including launching several new websites “directly aimed at the higher margin ‘direct to consumer’ sector.”
Directors added that product development was also underway to address the firm’s “historic sales imbalance between strong Autumn/Winter season and weak Spring/Summer performance”.
Find out more about what's driving the UK's insolvency rates
Click here to download our free guide on finding and buying distressed businesses and assets
Independent DIY business that has operated as one of the area’s preferred providers of DIY products for over 30 years. The store has built its enviable reputation based on stellar customer service and its wide range of great-value products.
The business was established in the 2010s, quickly outgrowing its original premises and moving into its current, larger workshop. The previous owner started the business in the South East of England 60 years ago from humble premises, gaining loyal cu...
An extremely well established business operating from a number of leased and owned premises located in excellent high streets in a number of fantastic trading positions with unprecedented footfall.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.