MIH Jeans Limited (06596106): administration
- Status
- Administration ended
- Administration began
- 2018-11-06
- Administrators
- Paul Ellison, Gareth Wyn Roberts
- Administrators' firm
- KRE Corporate Recovery
- Incorporated
- 2008-05-19
- Location
- Reading
- Industry
- 46420 Wholesale of clothing and footwear
Why it went into administration
- Competition / price pressure
From the administrators' statement
3.1 At its peak in 2016 the business was turning over just under £10m before it started to see a decline in momentum and revenues due to a number of factors beyond its control. Both weakened customer confidence due to the unstable economic and political climate and an aggressive cycle of discounting and chargebacks in major department stores which pushed all the risk onto brands, undermined the business’s ability to successfully invest in a promising ecommerce platform where the future growth was projected.
3.2 Despite continued efforts to reduce overheads inline with declining wholesale, the brand was unable to gain enough momentum through their direct sales (website) to bridge cash flow demands created by the changing market conditions.
3.3. On 06 November 2018, Gareth Roberts, and Gareth Roberts of KRE Corporate Recovery LLP were appointed Joint Administrators of the Company following the filing of a Notice of Appointment of Administrators by the Directors of the Company.
Administrators' statement of proposals (2019-01-15) · Companies House register