Bathroom retailer hit by e-market conditions
A Bristol bathroom retailer has entered liquidation as a result of changing market conditions. Simon Haskew and Neil Vinnicombe, of business recovery specialist Begbies Traynor, were appointed joint liquidators of Bathrooms365, of Thornbury, on November 27.
The firm, which supplied bathrooms from both a retail unit and via its website, ceased trading on November 7, with the loss of six jobs.
Directors of the business, which was set up in 1997, say the growth of internet-driven home delivery services in the sector meant offering retail space had become an unbearable cost burden.
They also cite changes in search engine ranking methods, causing the business’s online arm to suddenly disappear from first page search results.
Mr Haskew said: “The factors that have caused the failure of this previously very healthy business are sadly very much of their time, with the internet market space disrupting traditional retail practices.
“Whilst we regret the loss of jobs, particularly at this time of year, our role now is to work with directors to ensure the value of all assets is realised on behalf of the company’s creditors.”
Simon has over 25 years mid-market corporate restructuring and insolvency experience across a wide range of industry sectors, as well as broad experience in all aspects of personal insolvency. He joined Begbies Traynor as a partner in 1999 after a formative career with Ernst & Young in Bristol and London. He is a member of the R3 General Technical Committee and recently served as the Examiner of the “rescue” paper for the JIEB exam.