Norwich’s online fashion retailer Miss Shoes tumbles into administration
- Credit: EDP pics © 2011(01603) 772434
A family-run online fashion retailer, Miss Shoes, and it's spin-off brand Fuel Your Fashion Online (FYFO), have fallen into administration.
The Norwich-based team of 20 have appointed administrators Price Bailey to carry out the process and ensure maximum returns to creditors.
It is not yet known what the impact on staff will be.
The business, based at Hellesdon Park Industrial Estate, was an online-only operation and sold footwear and other accessories.
It began in 2007 as a hobby businesses for Martin and Monica Lott, who met at the University of East Anglia and later decided to combine their two passions; computers and shoes.
At the time, Mrs Lott was studying for a masters degree in economics and Mr Lott was completing his PhD in the field of biology.
MORE: Reports Tesco could cut thousands of jobs The pair launched the brand as an eBay shop, run from the bedroom of their home in Norwich's Wakefield Road.
Over the next decade it grew to enjoy customers across the world and a turnover of £3m.
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In 2011, the company rebranded from Miss Shoes to Fuel Your Fashion Online (FYFO), and purchased its Hellesdon warehouse.
Price Bailey partner Matt Howard said administration was deemed to be the best option for all parties 'after the company and Price Bailey had exhausted all efforts to find a buyer for the business as a going concern over the holiday period'.
'This is another example of the challenging trading conditions facing many retailers in the current climate, in spite of significant investment.'
Mr Howard added: 'It shows how tough trading conditions are, even for online-only fashion retailers, who are having to contend with unprecedented levels of discounting, squeezing margins.
MORE: Norfolk could be the solution to the UK's renewable energy crisis'At the same time, internet retailers are particularly vulnerable to the costs associated with people returning unwanted items, which has become more prevalent in recent years as technology has enabled more impulse buying.'
'We are now focusing on achieving the best value for the company's freehold property and remaining assets in order to maximise returns to creditors.'
The company was established in 2007, and entered administration on January 15.