Dozens of jobs have been saved after administrators at Begbies Traynor secured a buyer for a Somerset-based footwear company.
Ian Walker, Partner at Begbies Traynor’s office in Exeter, was appointed joint administrator of The Blink Partnership Ltd, trading as Ted & Muffy, on March 15th 2017, and had to make 11 of its 38 staff redundant.
Now Mr Walker and his team have clinched a sale of Ted & Muffy - securing the jobs of the business’ 27 remaining employees.
The business sells high quality boots and shoes and has offices and a warehouse in Frome, as well as a retail store in Bath. It also has a major online retail presence, selling to customers world-wide.
The company has been sold to Duo Bootmakers Ltd, reflecting the purchasers’ intention to resurrect the former brand name of the business.
Mr Walker said: “As soon as we were appointed administrators we worked hard to find a new buyer for the business, which has continued to trade throughout this period.
“After receiving enquiries from a number of interested parties, we are delighted to have found a buyer in such a short space of time, helping to protect the local economy and also a significant number of jobs.
“Ted & Muffy is going back to its roots and we are confident Duo Bootmakers Ltd, which wants to develop its specialist offering, will be perfectly positioned to help build a more financially robust future for the business.”
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.