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Brendan Flood - Company in admin
Discussion started by theultimatewarrior , 05 January, 2009 21:20
Brendan Flood - Company in admin
theultimatewarrior 05 January, 2009 21:20
FRAGRANCE retailer Passion for Perfume today became the latest high street casualty of the credit crunch.

Administrators have made 185 staff redundant which has resulted in the closure of each of the company's 45 shops.
A further nine staff have been made redundant at the company's headquarters in The Edge, in Salford's Clowes Street.

Bill Dawson and Ian Brown of Deloitte's Manchester office have been appointed joint administrators.

Passion for Perfume - which had shops in Wigan, Buxton and Blackpool - was founded by Nigel Tobias, Mike Riddell and Brendan Flood in May 2004.

Mr Flood - who remained chairman until it was placed in administration - said he had invested `several millions' in the company when it was established. It later secured further funding for expansion.

Mr Flood, the entrepreneur behind the Modus property and investment businesses, said a decision had been taken last summer to stop financing the company to see if it could pay its own way.

He added: "We didn't want to carry on financing the business beyond what it could generate itself.

"And unfortunately, given the current climate it has now been deemed necessary to officially place the business in administration.

"My understanding is that the administrator Deloitte has already had expressions of interest for some of the shops as well as the website.

"But the credit crunch has had an impact and hit the margins in the fragrance industry, which were already slim."

Bill Dawson, reorganisation services partner at Deloitte, commented: We will continue to seek a buyer for the business and assets of the Company but do not intend to trade the business.

The collapse of Passion for Perfume brings the total of retailers to fall into administration over the past few weeks to seven.

It follows the appointment of administrators to high street stalwart Woolworths, Whittard of Chelsea, the coffee and tea specialist, and menswear chain The Officers Club. Other companies to be placed in administration include Zavvi, the entertainment retailer, USC, the Scottish fashion retailer and childrenswear chain, Adams.

Meanwhile, the company behind fashion brands Oasis, Karen Millen and Principles is reportedly set to begin talks with lenders to secure its long-term future.

Re: Brendan Flood - Company in admin
unclegroucho 05 January, 2009 21:24
(Sm124) it's scary that so many big businesses are going broke. It's gonna get worse before it gets better.

As long as it does not affect his Turf Moor project...



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Re: Brendan Flood - Company in admin
Golazzo 05 January, 2009 21:25
Nothing to worry about, purchased because of his own interests in shopping centres that he owns.

There have been ocassions in the past where he has closed companys down.



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Re: Brendan Flood - Company in admin
fred dibnah 05 January, 2009 23:22
Heard this on the wireless earlier and wondered if it had owt to do with him. They used to advertise on the big screen regularly.
Might not be owt to worry about Golly, but this type of thing generally makes the people involved put a curb on any spending in other areas, if they have anything.

Re: Brendan Flood - Company in admin
theultimatewarrior 06 January, 2009 08:51
It certainly isn't good news.

Re: Brendan Flood - Company in admin
burnleybeerandchips 06 January, 2009 08:54
It seems like it is one of his smaller interests. Hopefully he has decided to take this action so it doesnt affect any of his other ventures. Obviously cant be seen as good news though.

I worry about the size of his financial commitment in Modus. The housing market is being hit extremely hard and it will only get worse over the next 12mths imo. Hope that modus is in decent enough financial position because if that goes t!ts up we are screwed imo



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Re: Brendan Flood - Company in admin
claretfan1882 06 January, 2009 10:21
Firms are going bust all around us, quite scary really. I think we can ride it out, but it's going be a very tough year.

Re: Brendan Flood - Company in admin
SAD BUSTER 06 January, 2009 10:50
I have just been down accy center.
The number of shops closed or closing,
is scary and unreal.We are doomed i tell thee.
Got some decent bargains in woolys today though.
I got about 500 worth of gear for about 150.smiling smiley



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Re: Brendan Flood - Company in admin
kemptenfritz 06 January, 2009 11:45
It doesn't take a genius to work out that Flood's portfolio of businesses (mainly property) must have been massively hit. If they haven't, he's about the only one in the land to escape it. Even if he hasn't over-stretched himself in building etc., the total value on paper of a property comany (ies) will have taken a massive hit. Various builders have already gone to the wall (pardon the pun) and the remaining ones are anxiouslylooking over their shoulders. IMO he would be crazy to put any more s into BFC and it would hardly surprise me if he wanted some that he's already put in, back. The devil will lie in the detail as to exactly how the s went into BFC and any terms for repayment. Fingers crossed we keep the status quo. Who knows ?

Re: Brendan Flood - Company in admin
morty77 06 January, 2009 18:13
It seems a lot of shops are closing in Burnley town Centre at the moment as well.
In a while Burnley centre will be like Padiham - how scary is that?(Sm76)



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Re: Brendan Flood - Company in admin
kata 06 January, 2009 18:15
aldershot is already worse!

Re: Brendan Flood - Company in admin
SAD BUSTER 06 January, 2009 18:48
Padiham - the land that time forgot.



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