The online beauty retailer, which sells brands such as Clinique and Mac, has filed a notice to appoint insolvency practitioners as it seeks new investors
An online beauty retailer is reportedly teetering on the edge of administration. Beauty Bay, which stocks popular brands including Clinique and Mac, lodged the notice to appoint insolvency practitioners today (February 17).
The company, owned by brothers Arron and David Gabbie, is now hunting for fresh investors, according to reports. The decision is designed to grant the firm ten days’ protection from creditors whilst they pursue new ownership for the enterprise, which launched as Fragrance Bay back in 1999, Sky News reports.
A company spokesperson told Sky News: “Like many other companies operating across the retail space, we’ve been battling hard in the face of strong headwinds over the past 12 months.
“Cost inflation and fragile consumer confidence have had a heavy impact on consumer spending.
“Over recent weeks, we’ve been working closely with our stakeholders to find a path forward, including exploring options for sale and investment, with the aim of putting in place a stable financial platform upon which we can continue to build.
“While we continue to explore the options available to us, we have today taken steps to protect the position of the business as we strive to find a way forward.”
The website has since been taken down and replaced with a message to customers.
The chain said: “We’ll Be Back Soon. BEAUTY BAY is offline right now, we’ll be back shortly..”
Approximately 65 staff members are employed by the beauty retailer, and reports suggest it has served products to five million customers, reports the Express.
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