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19 May 2009
Adminstrators from Deloitte have sold on collapsed retail outlet Bay Trading to Rinku , a fashion business supplying collections to high street giants including John Lewis and House Of Fraser.
Rinku snapped up 45 Bay Trading stores, 85 Bay Trading concessions, together with Bay Trading's stock and intellectual property, safeguarding 566 jobs.
Deloitte said today: 'The joint administrators to Epcoscan Limited, trading as Bay Trading have announced the sale of the business to Rinku Group, an experienced fashion wholesaler and retailer operating brands including Tigi-Wear, Viz-a-Viz and iZ.
Lee Manning, Joint Administrator, and partner at Deloitte commented: 'We are pleased that we have been able to secure Bay Trading’s future. It will be predominately a concessions-based business, with a number of stores also continuing to operate.'
Bay Trading, a division of clothes retailer Alexon went into administration after a series of issues. In its prelims Alexon’s auditor said it would be including an emphasis of matter paragraph in its audit report. This set off a chain reaction of events, starting with trade credit being pulled from its suppliers and ending with the division’s collapse.
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