Greater Manchester-based pram and children’s furniture retailer The Baby has been put into liquidation less than 18 months after it opened a large showroom in the city centre.
A sign attached to the window of the Cheetham Hill Road premises said the company had ceased to trade on October 5 and this was today confirmed by Manchester-based liquidator Leonard Curtis. All of the company’s 20 staff have been made redundant.
Despite figures showing that the UK is currently experiencing a baby boom, the retailer is believed to have struggled as it serviced the higher end of the market. Increasing rent was also believed to have become an issue as consumer spending slowed.
The Baby was founded by former Daisy & Tom directors Janet Rawnsley and Liz Stephenson four years ago. According to its latest accounts for the year to the end of September 2007, it had fixed assets of £189,764, up marginally from £185,609 a year earlier. Shareholders’ funds decreased significantly to £26,894 from £152,398.
The company, which was backed by Richard O’Sullivan, the former managing director of Millie’s Cookies, and Bill Holroyd, had its original outlet on the Stanley Green retail park near Cheadle.
John Titley, director at Leonard Curtis, said: “Unfortunately the business ceased to trade on October 5 and all 20 staff were made redundant. The business will be liquidated at the end of this month and we will endeavour to recover losses for creditors. No returns are being made to shareholders.
“It is a tough retailing environment, and The Baby is one of a number of smaller retailers that has struggled in the wake of the credit crunch.”
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Wednesday, 8 October 2008
Posted by Debtsgone LTD at Wednesday, October 08, 2008
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1 comment:
Hi there,
Just stumbled across the site today and thought it might be worth a post - we're a UK-based charitable debt help organisation and we offer free tools, information, advice and practical suppoort to UK individuals with debt problems. We'd appreciate any feedback from business owners about whether a similar service for companies would be useful. Other than that, please feel free to visit the site and give us any feedback or thoughts about it. Cheers, Bill www.sterlingtrust.org.uk
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