When novelty gifts and gadgets retailer Thebug.com hit cash flow problems, the company was threatened with closure and the loss of 25 jobs at its five regional outlets, some of which are based in Manchester, Bury and Chester.
However the business is now continuing to trade normally, thanks to the intervention of Manchester Chartered Accountants and Insolvency Practitioners Clarke Bell.
Clarke Bell acted by placing the company into Administrative Receivership, which allows operations to continue while a new buyer is sought. Although certain franchise operations previously conducted through major department stores have been discontinued, retail activities through the five shops have not been affected, with a steady flow of customers choosing from the many mechanical and electronic games and toys on offer.
"Thebug.com is a successful business with a £2 million turnover working from several prime site locations and with strong demand for its products," said Clarke Bell Senior Partner John Bell.
"There are excellent prospects for an early sale which will preserve all 25 jobs."
"Clarke Bell examined the situation and very quickly advised us of the right strategy to adopt," commented Finance Director Chris Denham.
"They immediately understood the problems and provided us with a specific solution appropriate to our needs. We would not have been able to take the business forward without their help."....
