Ness (Clothing) Limited (SC240457): administration
- Status
- Administration ended
- Administration began
- 2016-12-23
- Administrators
- William Matthew Humphries Tait, James Bernard Stephen
- Administrators' firm
- BDO
- Formerly
- Welma Purity Limited; Levenmill Limited; Healthy Enterprise Limited
- Incorporated
- 2002-12-03
- Location
- Edinburgh
- Industry
- 47710 Retail sale of clothing in specialised stores
Why it went into administration
- Sustained trading losses
- Brexit
From the administrators' statement
The Company was incorporated on 3 December 2002 and operated from its head office at 19 Silvermills Court, Henderson Place Lane, Edinburgh EH3 5DG. The Company traded as “Ness”, operating a ladies clothing and accessories retail chain from 15 leased stores in the UK, of which 10 were located in Scotland and 5 were located in England. Additional sales channels were wholesale, concessions and an internet platform.
Revenue in the Company's current financial year was broadly in line with budget, showing strong like for like sales growth. Nevertheless, sales margins had been adversely impacted by post brexit exchange rate movements (stock is largely puchased from China and paid for in US dollars) and the Company was loss making in the year ended 31 December 2016.
In early December 2016, BDO LLP was instructed, at the request of the Company’s secured lender Clydesdale Bank plc (the “Bank”), to carry out a limited scope options review. James Bernard Stephen was the engagement partner for the assignment. Avery limited amount of work was carried out primarily information gathering. The engagement was neither completed nor invoiced due to the timing of the appointment of the administrators.
Administrators' statement of proposals (2017-02-17) · Companies House register