The Blink Partnership Limited (08711400): administration
- Status
- Administration ended
- Administration began
- 2017-03-15
- Administrators
- Ian Walker, Neil Frank Vinnicombe
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2013-09-30
- Location
- Exeter
- Industry
- 47721 Retail sale of footwear in specialised stores
Why it went into administration
- Credit insurance / supplier credit withdrawn
From the administrators' statement
The Company was incorporated in September 2013 by Stephen Boyd and Samantha Mickleburgh. It was dormant until Apri! 2016 when it purchased the business undertaking and assets out of the Administration of Elitehill Trading Ltd, a designer and retailer of women’s calf fitted boots which traded under the Ted & Muffy brand. The Company took over the business and resumed trading under the same brand. The Company operated out of a leasehold office and warehouse in Frome and had a leasehold shop in Bath. The Company also continued to sell online through a number of intemational websites. At the date of the Joint Administrators appointment it had 38 members of staff.
Circumstances glving rise to the Administration
Upon the purchase of the business out of the previous Administration, it was estimated the business could generate tumover of around £6 million a year. However, the Company started experiencing issues soon after the sale completed. Joint Administrators were advised that significant rebranding was undertaken in 2015 which had not been successful and which continued to impact the current business. The majority of suppliers had demanded that outstanding payments be settled before they resume services which had a significant effect on the Company's cash flow. Boot suppliers in Portugal refused to supply the Company until the appropriate credit insurance was arranged. As the Company had no trading history, one of Stephen Boyd's associated companies, Vacuumatic Ltd (‘VAC’), had to buy the stock directly from the suppliers and reinvoice the Company at cost. Due to the delay in resolving the ordering issue with the suppliers, this resulted in stock being received late for the peak autumn/winter season of 2016/17 which historically used to be the
Administrators' statement of proposals (2017-05-25) · Companies House register