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Upmarket fashion retailer goes into liquidation

Date Added: 15/03/2013  

An upmarket fashion retailer based in the south-west of England has announced it is going into voluntary liquidation at the request of its directors.

Spirit, which has already revealed it has closed its store in Bradford on Avon, struggled to cope with the impact of the recession.

Tim Ball, corporate recovery partner at the Bristol office of international accountancy firm Mazars, has been appointed as the liquidator of the firm, reports the Bath Chronicle.

The company had locations across the south-west of the country - including in Devizes, Marlborough, Bradford on Avon and Frome - and 20 people were employed by the firm.

Mr Ball said the collapse of Spirit - which began trading in 1999 as a small boutique - was due to the general malaise in the retail trade.

"At its peak Spirit had a turnover approaching £1 million, but it was unable to beat the recession and there is a total deficiency to creditors of around £470,000," he said.

The specialist added that after the company's directors approached Mazars for a review of its business, the decision was made to place the firm in voluntary liquidation.

Mr Ball said: "This is another example of the problems being faced by the retail sector and I am sad to see another family business that has succumbed to difficult trading conditions."

Spirit is the latest firm in the area to be closed down, after it was also announced that jewellery chain Clive Ranger has entered administration.

The company, which has a store in Burton Street, is using the services of Deloitte to try to find a buyer. It employs 34 staff at four stores across the south-west of England, as well as in Wales.

Online fashion retailer Style Passport - which was set up by former Marie Claire fashion editor Sarah Walter - recently confirmed it is going into liquidation, Retail Week reported.

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Posted by Julie Cutts

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