Published: 15th March 2017
Administrators at business recovery specialists Begbies Traynor have been appointed to seek the sale of a Somerset-based footwear company which has been placed into administration.
Ian Walker, Partner at Begbies Traynor’s office in Exeter, was appointed administrator today of The Blink Partnership Ltd, trading as Ted & Muffy.
A buyer is being sought for the company, which sells high quality boots and shoes and has offices and a warehouse in Frome, as well as a retail store in Bath. The business also has a major online retail presence, selling to customers world-wide.
Ted & Muffy will continue to trade while a buyer is being sought. Eleven of its 38 staff were today given notice of redundancy.
Mr Walker said: “Under previous ownership Ted & Muffy, formerly known as Duo, enjoyed strong sales.
“However sales were unexpectedly badly impacted by a mild Autumn and a major rebranding two years ago.
“In April 2016, Ted & Muffy was rescued out of administration by The Blink Partnership Ltd.
“However, unfortunately sales haven’t reached expectations and the business has no alternative but to find a new buyer.
“The business will continue to trade while a new buyer is being sought, and meanwhile there are no significant arrears of creditors.”
Mr Walker said interested parties were being encouraged to come forward as quickly as possible by contacting him or Jonathan Trembath at the Begbies Traynor's Exeter office on 01392 260 800.
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.