Date Published: 1st December 2014
A luxury fashion boutique with branches in Cheltenham and Stow-on-the-Wold has ceased trading after entering liquidation.
Simon Haskew and Neil Vinnicombe, of business recovery specialists Begbies Traynor, were appointed joint liquidators of Foundation Retail on November 28, through Real Business Rescue, part of Begbies Traynor Group.
The business ceased trading on November 13, with the loss of 15 jobs.
Mr Haskew said a combination of tough trading conditions, start-up costs and warm weather had led to the failure of the business.
He added: “Whilst it is regrettable at this time of year that a number of people have been made redundant, we will work hard now to ensure the value of any assets is realised on behalf of creditors.
“This business is yet another unfortunate casualty of the tough trading conditions that independent retailers continue to face. This was compounded by prolonged warm weather in late summer that hit sales of autumn season clothing.”
The firm had previously been sold out of administration in 2012.
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.