Liquidators called in at retailer Pulse
The High Court formally appointed Ken Fennell, of insolvency and corporate recovery experts, Kavanagh-Fennell, as provisional liquidator to Berganza Ltd, which trades as Pulse Accessories, after it became clear to the company’s management that the business had insufficient cash flow levels to remain trading effectively.
Up until recently, Pulse has been operating 27 women’s accessories stores around the country – selling items such as costume jewellery, handbags and various hair accessories – as well as a supporting wholesale business.
However, its employee base of 130 people – a mix of part-time and full-time staff – has shrunk and the number of shops, in its portfolio, has been whittled down to just ten.
The wholesale business, however, has remained operating.
Speaking yesterday, Mr Fennell – who has been appointed up until November 15 – said that he is confident a buyer can be sought to take on the business as a going concern.
The liquidator will be advertising the sale of the company over the course of the next few days and formal expressions of interest need to be lodged with Mr Fennell’s office by the close of business on Tuesday.
That said, Mr Fennell also confirmed that, since Wednesday, he has received one “serious” expression of interest for the company.
However, if no sale has been agreed for the overall business by the middle of next month, it is likely that the assets of the company will be broken up and sold off individually.
