French Duncan appointed provisional liquidators of retailer

French Duncan appointed provisional liquidators of retailer

Brian Milne

Brian Milne and David McGinness of accountants and business advisers, French Duncan, have been appointed joint provisional liquidators of Retail Ltd.

The Edinburgh-based business, which was founded in 2012, has closed with immediate effect resulting in the loss of 22 jobs.

The business connected customers to over 400 mainstream and independent designer brands and offered an online platform for fashion boutiques accepting orders, passing payments to retailers, and distributing goods. It described itself as “Home of the world’s best boutiques. A fashion destination that celebrates and redefines the boutique experience with one seamlessly stylish online platform.”

Mr McGinness, director of restructuring and debt advisory at French Duncan, said: “Unfortunately, all 22 staff at the firm will be made redundant with immediate effect.

“The company’s owners made arrangements to pay the staff’s final salaries shortly before the liquidation commenced.

“There are no assets to sell so we will be closing the business down and not seeking a sale.”

Mr Milne, partner and head of restructuring and debt advisory at French Duncan, explained: “ Retail Ltd is unable to continue to trade due to a number of market related reasons.

“The business has recently been impacted by higher distribution and postage costs involved in sending out products to customers.”

He continued: “There has also been an increase in export and import costs due to Brexit and this has impacted on the viability of the business.

“Staffing costs have increased over the last few years and while investors have been supporting the company for some time, they feel they are unable to continue as the company is not making sufficient sales to be profitable.”

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