A number of major UK businesses have collapsed into administration over the past week. Among the businesses affected is a huge UK fashion brand and a cycling store.
The mounting costs of running a business is a concern for many, with rising energy bills being a particular issue to navigate. Many consumers are also changing their spending habits, which is having a knock-on effect.
It has left some companies little option but to call in administrators. Here is a roundup of the latest businesses sadly impacted.
The members-only shopping website that offers discounted fashion and homeware goods from big brands collapsed into administration after almost two decades. It was famed for slashing up to 80% off designer items, from clothes to beauty products and furniture to homeware.
View 3 ImagesThe online shopping store was founded in 2008(Image: Getty Images)
BrandAlley was founded in 2008 with a major following for its major price drops on valuable goods in its flash sales. However, Kiri Holland and Danny Dartnall, from accountancy firm BDO have been appointed joint administrators of BrandAlley UK Limited as of Friday, May 29.
The company has said customers are able to continue to shop on the site as normal, with all existing orders as well as returns and refunds to be undertaken by the new company.
The business reportedly ran into financial difficulty and has been sold through a pre-pack administration deal to a new company trading as BrandAlley International Limited.
Of its 163 employees, 83 have been kept on to facilitate the sale and 60 will remain temporarily to assist with the handover. Meanwhile, 15 were made redundant.
View 3 ImagesThe cycling store was in business for 22 years(Image: Getty)
Saddleback, based in Yate near Bristol, has closed due to mounting financial pressures after 22 years in business. The firm sold bikes, cycling accessories and clothing to customers across the UK but bosses had to call in administrators after failing to sell the business.
Jonathan Dunn and Matt Whitchurch have been appointed as joint administrators. They said the focus now was on helping staff hit by the closure.
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Mr Dunn said: “Our immediate priority is supporting those employees who have been made redundant and helping them access financial support.”
The UK fashion brand, which was a hit with celebrities including Rihanna and Stormzy, has collapsed into administration after generating millions in profit in recent years. Administrators from Interpath Advisory were appointed on Friday after a two-month long effort to gain financial support.
The streetwear brand grew in popularity amid the Covid pandemic, generating £40million in 2022 according to reports. There is reportedly interest from potential buyers as the brand seeks to help combat challenges.