Workers wait for cash as buy-out hopes stall

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Workers wait for cash as buy-out hopes stall

WORKERS hoping for a new future for the New Year have had their hopes dashed after attempts stalled to find a buyer for their ailing firm.

Source Publication: 
ET

But administrators for Drivebusiness, an internet company which operates electronic commerce sites for celeb-favourite designer fashion stores, say they remain confident of finding a new owner.

Staff claim the latest set-back came when joint administrators Rob Caven and John Montague of business and financial advisers Grant Thornton set a deadline for potential purchasers to lodge bids for the loss-making firm in Dundonald, South Ayrshire.

Drivebusiness, which went into administration with "significant" debts, had satellite offices in London and Los Angeles and continues to operate internet sites for fashion chains including Ted Baker, Bench and All Saints.

A-list actress Sandra Bullock is the latest celeb to be snapped in All Saints, while Halle Berry, Sienna Miller and Emma Watson have also worn its clothes.

Reality star Kourtney Kardashian and country singer Taylor Swift are among famous fans of Ted Baker while Scots DJ Calvin Harris is among acts who have performed at events laid on by Bench.

Workers said company chiefs were confident a buyer would be tied up. They also promised that as soon as any takeover was complete, the 70 staff would be paid their September salary, which they didn't get after the business was put into administration.

One staff member, who asked not to be named, said: "Company bosses were upbeat and saying a sale had all but gone through and that we would all get our missing September pay when the buy-out went through.

"But afterwards the administrators spoke to us.

"They were more downbeat and told us that potential purchasers had failed to meet a deadline."

It's the second buy-out blow to hit Drivebusiness in weeks. Company owner Stephen Ritchie and his management team decided to place the business in administration after a talks with a potential buyer collapsed.

Since then the administrators have sacked 24 workers.

Not only did they lose their jobs but they were not paid hundreds of pounds owed in wages, holiday and redundancy money.

However, administrators today brushed off the latest set back.

A spokesman said: "A number of parties have expressed an interest in acquiring the business and we are currently exploring this interest.

"There are no fixed timescales for negotiations and we remain optimistic that a purchaser can be found."

gordon. thomson@evening times.co.uk

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