Reconstruction sees 82 jobs saved at major surfwear company
Ian Walker and John Kelly of national business rescue and recovery specialists Begbies Traynor were today appointed Joint Administrators of GUL International Limited.
The Company, which operates its wholesale division from Bodmin, Cornwall, has 10 retail stores throughout the South and South West. GUL has been at the forefront of surf and sail clothing and related accessories since 1967. As GUL International Limited it has traded as a wholesale and retail business since 2003.
Shortly after the appointment, two separate sales were concluded on both the wholesale and retail sides which will see the business of the Company continue for the foreseeable future. It employs 82 people, and all employees have been transferred to either the retail or wholesale operations.
Mike Flavelle, Managing Director of GUL commented:
“We have secured significant new investment in our business which gives us a great opportunity going forward. We have a fantastic team of people who are totally focused on keeping GUL at the forefront of product design, innovation and performance. GUL has been at the heart of surf and sail since 1967 and we intend to keep it that way.”
Ian Walker said "I am delighted we have been able to complete these two deals, which should bring a good return to creditors, and has secured all 82 jobs. GUL is still a world leader, and an important contributor to the West Country economy.”
The Administrators said that the combined effects of the recession and difficult foreign exchange rates had been behind the company’s difficulties.
Ian joined Begbies in 2000 from Pannell Kerr Forster after practicing insolvency for the previous 20 years with Big Four firms. A member of R3 and a Fellow of the Institute of Chartered Accountants in England & Wales (from which he also takes his Insolvency Licence, he is currently a member of the ICAEW Investigation Committee. Over the years, Ian has dealt with all types of insolvency and at least three recessions. Currently, his practice based in Exeter and Plymouth covers the whole of Devon & Cornwall (including the Scilly Isles), together with as much of Somerset and Dorset as he can get away with! He deals with all types of personal and corporate insolvency and also concentrates on pre- and post-lending review work for all the major lending institutions.