Corporate recovery specialist in Manchester, Leonard Curtis have been appointed as administrators.
This follows the failure of a buyer being found. Just last month it was reported in The Telegraph that accountancy firm, BDO, were in attempts to seek a buyer after the firms’ turnover dropped suddenly from £70m in 2018 to just £43m. There were signs in March last year of struggles since the online bathroom retailer announced that it may need to make 15 staff redundant due to ‘’economic uncertainty’’.
On LinkedIn, redundant employees shared their views of the administration:
‘’Sadly this morning I was made redundant as Soak.com has gone into administration. We are all heartbroken, we fought for so long but it seems there was nothing more that could be done…I am going to miss the amazing team I worked with so much.’’
Online Bathroom retailer, Victoria Plum offer a lifeline to those employees made redundant. On LinkedIn they share: ‘’We are all sorry at VictoriaPlum.com to hear the news of Soak.com going into administration today. Our thoughts are with all the employees of Soak.com impacted by this news. If you are an employee of Soak.com or a family member of an employee, we are currently recruiting and have a number of opportunities available.’’
Soak.com now join other famous names of which have collapsed, such as Maplin and Better Bathrooms. Has this been caused by the ‘race to the bottom’ approach of internet-based companies?