Collapsed boutique marketplace Atterley has appointed Brian Milne and David McGinness of French Duncan as provisional liquidators. The online company, which worked with 400 independent retailers, announced it was closing on Thursday 22 December after failing to secure funding from shareholders or external investors.
Drapers reports many fashion indies are owed money as they await clarity on unpaid invoices.
Atterley.com announced the news via a statement on its website last month:
“With deep and sincere regret, staff at Atterley were informed this morning that we will be starting a formal redundancy consultation with them.
“The reason is that some of the shareholders of the business could not justify further investment. This is related to the overall economic climate and in particularly a squeeze on consumer spending, linked to inflationary pressure.
“The four main shareholders of Atterley had invested £1.8 million since April, including over half from [founder] Mike Welch. A bank was appointed to seek external funding or strategic opportunities, and we committed to that process. Last week, it became clear that we needed significant investment through to Q2 2023. However, it was not possible to put this together from existing shareholders or external investors.
“We deeply regret what has happened and did are not taking this course lightly or easily. We are mindful that this is a difficult situation for our staff, particularly at this time of year. We are also conscious of the impact on our independent boutique partners and loyal customers.
“We are aware of our obligations to employees, partners and customers, and would like to thank them for what they have done since 2016, when Atterley took on its new form. We will be working with the insolvency practitioner over the coming days to form a plan.”
A spokesperson at French Duncan LLP reportedly told TheIndustry.fashion that the collapse was due to market related reasons including higher distribution and postage costs as well as increased export and import duties. All 22 staff members at Atterley have been made redundant and were paid their final salaries before liquidation commenced.
The company first launched in 2012 as an online multi-brand boutique, but fell into administration in 2016. It relaunched in the September of that year as a “Farfetch-style marketplace for independent boutiques.”
Atterley.com has now ceased to trade and any enquiries about outstanding invoices should be directed here.