Blue Inc, chaired at one time by Stewart Rose the ex chairman of M&S went into administration on Friday in another blow to the High Street. The firm had been in a Company Voluntary Arrangement which saved it £6m but it still lost £2.7m. This allowed it to close 34 of its 127 stores but since the CVA it has been closing more. They have probably been able to close other stores as they were on short term leases.
The company received equity injections from shareholders of £1.6m from Uniserve Holdings and £1m from Padma Textiles, but this was not enough to stave off administration.
It is understood that there has been interest in some of the stores and the brand.
Begbies Traynor who have been appointed administrators have not commented on the administration.