Beauty Bay files notice of intention to appoint administrators
Online cosmetics retailer Beauty Bay has filed a notice to appoint administrators to “protect the position of the business”.
The move comes just weeks after the company hired advisory firm Interpath to undertake a strategic review as it looked for either an investment partner or a buyer to help stabilise the company.
Subscribe to TRBBeauty Bay is owned by brothers Arron and David Gabbie, who initially founded the business in 1999 as Fragrance Bay. The owners launched a sale process in 2022 which did not result in a transaction.
By filing the notice of intention, Beauty Bay has secured ten days of breathing space in which creditors cannot pursue any action against the company.
A spokesperson for Beauty Bay said:” Like many other companies operating across the retail space, we’ve been battling hard in the face of strong headwinds over the past 12 months.
“Cost inflation and fragile consumer confidence have had a heavy impact on consumer spending,
“Over recent weeks, we’ve been working closely with our stakeholders to find a path forward, including exploring options for sale and investment, with the aim of putting in place a stable financial platform upon which we can continue to build.
“While we continue to explore the options available to us, we have today taken steps to protect the position of the business as we strive to find a way forward.”
