Web retailer calls time

Investors are set to lose as much as Pounds 2.5m, after decided to call time, following an alleged dispute with one of its main investors and a disagreement with the Royal Bank of Scotland, regarding its business plan.

Among the assets KPMG Corporate Recovery will be looking to find a buyer for, is the potentially valuable domain name ‘’. A report in the Scotsman said a number of parties had already expressed interest in buying it.

Joint liquidator Gary Fraser said: ‘ has a high-profile business model, leading edge technology and a strong brand name. We will be marketing the brand and technology for sale and are hopeful that there will be considerable interest in the business and assets.’ employed 15 people and generated annual revenues of Pounds 1m.

  • In other KPMG receivership news, Roger Oldfield and Jane Moriarty were appointed joint administrative receivers to Frank Usher Limited the designer, manufacturer and wholesalers of sub couture for women, which reported revenues of Pounds 18m at its last year end.

The North London business, incorporated the brand names of Frank Usher, Dusk, and Coterie, and employed 118 people, including an in-house design team.

Jane Moriarty, KPMG said: ‘Frank Usher is a very strong and well-established name within the fashion industry, which generates sales throughout the world.

‘We are continuing to trade the business as a going concern as we look for a buyer, and we urge any interested parties to contact us as soon as possible.’


KPMG Online

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