Online bed linen retailer Linenbundle has called in Process Advisor Dessie Morrow of Baker Tilly to rescue the company.
Morrow was appointed as PA to Linen Bundle Europe Ltd on 19 January 2023 under the SCARP small company rescue scheme.
The company is a subsidiary of Northern Ireland-registered Linenbundle.com Ltd.
The principal shareholders of Linen Bundle Europe Ltd, which operates the Linenbundle.ie website, are Thomas Glackin and Paul Nesbitt, who reside in Belfast and Portadown.
Linen Bundle Europe Ltd was incorporated in August 2019.
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On the Linenbundle website, the founders explain: “Before starting Linenbundle, we worked in the bed linen business for over 10 years. Yet we couldn't find sheets that blew us away?
“We wanted premium quality, responsibly sourced bedlinen, that actually improved your sleep. And we wanted it to be fairly priced.
“Two years later, we were finally satisfied that we had crafted the best products we possibly could. High-quality, supersoft sheets and earth-friendly accessories, all designed to give you the sleep of your dreams.
“The foundation that our business is built upon is Sleeping Better. This begins with ethical sourcing and sustainable production, and ends with you, our customer sleeping better.
“And we will continue to be committed to giving you beautiful, luxury products at an accessible price. Thank you for being part of the journey.”
Linen Bundle Europe Ltd reported turnover of €3.8m for the year to November 2021, up from €1.3m the year before.
The gross trading margin was 67% and the company booked a small loss after accounting for €2.6m in administrative expenses.
Balance sheet cash in November 2021 stood at €1.36m and debtors were €340,000.
Creditors amounted to €1.68m. Trade creditors were €120,000 while unspecified ‘other creditors’ were €1.2m. The company’s period-end VAT tax debt was €180,000.
Linen Bundle will continue to trade as normal during the SCARP process.
Baker Tilly has counted 16 SCARP rescues since the scheme was launched in December 2021.
Pic: Getty Images
