Vulpine Clothing

It is with intense sadness that I have to inform you that Vulpine is
insolvent, and I have had to take the extremely difficult but
essential decision to place the company I founded into administration,
under UK law, hence my unusual formality.

Two Partners from RSM Restructuring Advisory LLP will be appointed
administrators next week, after a special resolution was passed
yesterday by ‘A Shareholders’, who are able to vote. Once appointed
the Administrators will have full control of the company and I will no
longer be able to make any decisions.

We have done all we can to finance the company. The late arrival of
the majority of our Spring Summer 2017 stock put us in a more
difficult cash position. Thus we sought to raise investment again
through crowdfunding. But this did not gain the necessary momentum to
complete, likely due to the very poor trading figures of the last
financial year. Thus we pulled out of the Crowdcube attempted raise
and began contacting previously interested investors and potential
buyers of Vulpine, plus a raft of new contacts. Whilst there was
strong recognition of the brand, and initial verbal interest, none
have produced offers or ongoing due diligence, and communication has
stopped. It is highly possible that, having seen our precarious
financial position and the complications of doing a fast enough deal,
they are waiting to pick the business up in administration instead, if
any deal is to be done.

Vulpine’s brand and business structure remains relatively undamaged at
this point, and any acquisition via administration would see the
highest potential value to all stakeholders if conducted as quickly as
possible.

The proposed Administrators plan is to try to sell the company’s
assets, such as brand, goodwill, database & website to maximize
realisations for the benefit of creditors and potentially
shareholders. You can contact Robert Young at RSM for advice on this
process, or if you believe there may be an interested buyer:
robert.young@rsmuk.com

I cannot offer financial advice, and I encourage you to seek your own,
but if you qualify for EIS status, you should be able to claim
significant Loss Relief on top of your Tax Relief.