Ian Walker, partner at Begbies Traynor’s office in Exeter, has been appointed administrator of The Blink Partnership Ltd, trading as Ted & Muffy, a Somerset-based footwear company, which is now seeking a buyer and has made a third of its staff redundant
A buyer is being sought for the company, which sells high quality boots and shoes and has offices and a warehouse in Frome, as well as a retail store in Bath. The business also has a major online retail presence, selling to customers world-wide.
Ted & Muffy will continue to trade while a buyer is being sought. Eleven of its 38 staff were today given notice of redundancy.
Walker said: ‘Under previous ownership Ted & Muffy, formerly known as Duo, enjoyed strong sales. However sales were unexpectedly badly impacted by a mild autumn and a major rebranding two years ago.
‘In April 2016, Ted & Muffy was rescued out of administration by The Blink Partnership Ltd. However, unfortunately sales haven’t reached expectations and the business has no alternative but to find a new buyer.’
Walker said the business will continue to trade while a new buyer is being sought, and meanwhile there are no significant arrears of creditors.
