News
The In Thing goes under
Ronnie Dungan Jul 23 2007, 4:45pm
Floam and Gelli Baff distributor, The In Thing, has gone into voluntary administration.
The firm went into administration on Friday but management are already putting a deal together to resurrect it under the name PC Distribution.
Cresswall Corporate Recovery has been appointed as the administrator, but managing director Paul Jackson admitted that whilst there will be funds to pay outstanding debts not all creditors are likely to receive what they are owed.
Jackson said the firm was trying to trim down the number of lines it carried to concentrate on success stories such as Floam and Gelli Baff, but started to struggle after it lost the Topps Premier League sticker distribution deal.
Six people were laid off at Easter and there have been several more over the last few weeks.
