From the administrators' statement

The Company was incorporated by Mr Philip Mitchell and designer Mr Alexander de Vol in 2010 as a wholesaler of clothing The brand was created by Mr De Vol with a view to design pieces of art that could be wor everyday, with each piece being hand drawn Mr Stuart Forrest and Mr Mark Hallam were appointed as Directors in 2011, who provided further investment and expertise with the online trading site Further shares were issued at a later date The Company operated from two leasehold premises, 4" Floor Telephone House, Fenton Street, Lancaster, Lancashire, LAi 1AB (“Head Office”) and Unit 47 Paragon Way, Lune Industrial Estate, Lancaster, LA1 5QP (“Warehouse”)

The Company enjoyed steady growth during its initial trading period as retailers took an early interest in their designs and concepts However in 2015 the Company was hit when a number of key customers did not show interest in the Spring/Summer 2015 line It was apparent that fashion had suddenly changed and retailers were no longer attracted to graphic led design The Company was unable to keep up with the industry which required constant reinvention

The directors decided to market the business and assets for sale as a going concern however no interest was received for the business in its entirety Interest was generated in respect of the stock on a bulk sale basis which was reviewed by the directors on an individual basis TK Maxx made an offer for a proportion of the Company’s aged and current stock and it was agreed that the stock be sold tn order to generate much needed cash flow

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The Cuckoo's Nest Limited (07391702)

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