Quantuma managing directors Jeremy Woodside and Frank Ofonagoro, both of the firm’s Manchester office, were appointed as joint administrators of the Manchester-based company on Thursday, 10 February 2023 and shortly afterwards completed a sale of the business.
Fast Fashion Collections International Limited was established in 2013 and supplied various retailers such as Tessuit, Selfridges and Harvey Nichols. It also had a substantial B2C online offering and also a retail presence too. The brand has a social media influencer following, including Kylie Jenner and Lindsay Lohan. The business operates from a site in Manchester, employing 21 members of staff in total.
Despite substantial increases in sales and revenue, the business was struggling with historic liabilities sustained during the covid pandemic and increased trading costs post pandemic.
Quantuma managing director and joint administrator Jeremy Woodside said:
“Fast Fashion Collections International Limited is a wholesale, retail and online fashion retailer which hit financial difficulties as a result of the slow covid trading period.
Despite year end results for 2022 showing a substantial increase in sales and revenue, the business was struggling with historic liabilities sustained during the pandemic and increased trading costs post covid.
The joint administrators are delighted to have secured the future of this Manchester based business, and the jobs of all employees.”