Troubled menswear retailer Blue Inc has asked insolvency practitioner Begbies Traynor to find a buyer for the business.
The chain is seeking a new owner to take control of the business “in the short term”, Sky News has reported.
A spokesman from Begbies Traynor said: “We can confirm Begbies Traynor has been appointed by the directors of Blue Inc. to advise on the company’s financial position. While these discussions are in progress, the business continues to trade as usual.”
Blue Inc entered into a company voluntary arrangement (CVA) in March 2017 and made a loss of £2.6m in the 52 weeks to July 2017. Turnover was £49.7m, up from £23.4m, with gross profit from trading standing at £22.5m, almost double the £11.9m reported in the previous period. Profit margins were down from 51.1% to 45.3%.