Deloitte in at struggling Passion
Perfume retailer calls in administrators after failing to secure a buyer
Deloitte has been called in as administrators to Passion for Perfume ltd,
which has run into cash flow problems due to challenging market conditions.
Bill Dawson and Ian Brown of Deloitte are searching for a buyer for the
troubled retailer which was launched in 2004 and trades in 45 stores nationwide
as well as online. Originally the management had tried to find a buyer for the
company as a whole but were unsuccessful.
Bill Dawson, reorganisation services partner at Deloitte, said: ‘We will
continue to seek a buyer for the business and assets of the Company but do not
intend to trade the business.’
The Manchester based company made 194 redundancies on New Years Eve including
nine from the head office.