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Thursday, 2 May 2013

Fake Bake in Liquidation

Sandra McClumpha, the businesswoman, whose business brought the Fake Bake product to the UK has gone into liquidation. She paid £10m for the right to distribute the tanning product in the UK

She is thought to have made £9m from the product, but a few weeks ago a petition was submitted to the Sheriff's Court for a winding-up order.

On Wednesday Zolfo Cooper confirmed that they had been appointed as provisional liquidators for the Bothwell-based company.

Annual accounts for the year 2010 showed the company had assets worth £2.1m and liabilities of £2.4m.  It has been reported that her former business partner used Fake Bake to guarantee a rental agreement on another business, luxury kitchen firm Stone & Wolfe, which is also going through insolvency proceedings.  A claim he denies

The late filing of accounts is often a warning sign of insolvency or disputes and 2010 was some time ago!  Read our page on  warning signs of distressed businesses

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