Fri, 17 Jun 2011 | ADMINISTRATION
The licensed goods firm The Licence Factory has had administrators appointed, after being called in by its lender.
The company, which is a wholly-owned subsidiary of the Stockport company, Marlwood, and its primary trading entity, is now under the control of administrators from RMS Tenon, who are said to be exploring all options for its future, including a sale.
The administrators were appointed by Marlwood’s funders, GE Commercial Finance. A statement issued by Marlwood yesterday said they were working with the administrators to secure a future for the company.
“Marlwood will continue to explore the options available to it with respect to the ongoing business, however, it is clear that this appointment will present severe challenges to the group,” the statement said. “We intend to issue a trading update shortly to provide shareholders with further information about the financial position of the group.”
The Licence Factory specialises in producing branded fashion and home accessories, including luggage, umbrellas and cosmetics bags. Financial figures published for 2010 showed Marlwood made a pre-tax loss of £1.36 million on revenues of £3.04 million.
Marlwood had managed to raise £1.5 million last December through placing 151.7 million shares with investors. The money raised was used to provide working capital to promote and distribute brands, fulfil orders for the first half of 2011 and attempt to settle overdue liabilities.
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