Published: 27th July 2016
In 2010, Sheffield-based workwear and uniform supplier Corporate Trends initiated a strategic growth plan which resulted in a £250,000 loss. Due to the seasonality of the company’s products, it subsequently began to experience sales and cashflow difficulties. Steps were taken to refinance the business and reduce costs, however, despite continuing to trade for a number of years, cashflow problems continued and the business was unable to pay its debts.
Corporate Trends went into administration on 14 July 2016 and Gareth Rusling and Joanne Hammond from Begbies Traynor were appointed as joint administrators. The business and assets were sold to Manchester-based textiles group Sir Jacob Behrens and Sons Limited on the same day. All Corporate Trends’ 11 employees, as well as its two directors, were transferred and no jobs were lost.