Haroldrex Ventures, the company behind gifts and
collectibles brands Compton & Woodhouse,
Brooks & Bentley and Diamond Discount
Centre, has gone into administration. Thirty
employees–two-thirds of the entire workforce–were made
redundant.
Haroldrex Ventures had acquired the assets of collapsed Compton &
Woodhouse from the administrators
a little over a year ago with the aim of enlarging the
“active trading customer base so that the business returns
to growth and profitability”. However, “cash flow
difficulties” and a tough trading environment meant that
administrators were called in again on 26th October 2010.
Administrators from recovery specialist Zolfo Cooper said in a
statement that they were looking to sell the business as a going
concern and were “confident that there will be interest
from potential buyers”.
Findel is adopting a “more prudent
approach” after it emerged that profits of £3 million
may not be included in this year’s financial results. A major
international contract and other, smaller contracts in the
education division have been delayed and may not be awarded until
the next financial year, impacting on this year’s profit levels.
Further, non-trading related items such as property gains and
pensions, are expected to reduce the outturn for the year by an
additional £4 million.
Multi catalogue group Scotts & Co will unveil its
latest brand-a vitamins and supplements title later this month.
It is also mulling the launch of an apparel business in 2011, and
has outlined “tentative plans” for its test launch.
The news comes as the company announced its financial results for
the year to 26th June. It recorded a 2.6 per cent increase in
sales to £52.3 million and a 51 per cent jump in operating
profits to £2.13 million.
Darwin Private Equity has taken the majority stake in
office-supplies firm Euroffice. The company’s
founder, George Karibian, remains with the business as
nonexecutive chairman.
A strong performance at Next’s direct arm during
the third quarter “more than made up for” its
lacklustre retail like-for-like figures. Sales from its Directory
business were up 7.9 per cent during the period, helping to lift
overall Next brand sales by 2.2 per cent.
Catalogue group Redcats returned to growth in
the first nine months of the year, with comparable sales up 1
per cent against the same period in 2009, reports French parent
company PPR. Third-quarter comparable sales were up 5.7 per cent
and is Redcats’ best performance of the past three years. During
the quarter, online sales rose more than 18 per cent. La
Redoute saw sales rise 13 per cent outside of France, and
11 per cent in its home country.
Bennetts of Sheffield, a retailer and direct
seller of angling supplies has ceased trading. Liquidators at
Wilson Field said they were optimistic that a buyer will be found
for the company’s online and mail order business, reports
Insider Media.
This is London interviews Emma Bridgewater,
“she of the jolly pottery fame”.
Congratulations to furniture cataloguer/etailer
Myakka, which took home the Business of the Year
Award (5-50 employees) at the Somerset Business Awards.
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