A Leeds-based merchandise business has been sold after Nick Holloway and Howard Smith from Interpath Advisory were appointed joint administrators of Awesome Merchandise Ltd on 24 August.
Awesome Merchandise Ltd is a customised clothing, merchandise and printing business, providing services to business and individual consumers across the music industry, creatives and power users of print via its e-commerce platform.
94 employees are located at the company’s Head Office in Leeds.
With a large dependency on the live music and events sector, the business was hampered by the restrictions in place during the COVID-19 pandemic, resulting in a difficult trading environment that has impacted on financial performance and increased cashflow pressure.
Despite significant efforts to secure a solvent solution for the business, the directors reached the conclusion that it was in the best interest of creditors for the company to be placed into administration.
Immediately following their appointment, the joint administrators concluded a sale of substantially all of the business and its assets to Print.inc Group Limited. All of the company’s 94 employees have transferred to the purchaser as part of the sale.
Nick Holloway, Managing Director at Interpath Advisory and joint administrator, said: “We are pleased to have agreed this transaction which ensures continuity of service for Awesome Merchandise’s customers and importantly, safeguards a number of jobs.”
Howard Smith, Managing Director at Interpath Advisory and joint administrator, said: “Awesome Merchandise is a bespoke business with strong B2B relationships across the music industry which, unfortunately, like many other companies, experienced significant financial challenges as a result of COVID-19. We’re delighted to have completed this transaction which secures the future of the business, as well as safeguarding the jobs of 94 employees working out of the Head Office in Leeds.”
