A fragrance distributor in Salford has gone into administration with the loss of over 100 jobs.
Star Global Trading is based out of a 110,000sq ft warehouse and distribution centre in Dallas Court, near MediaCityUK.
It announced on Monday 15 February that it had called in Manchester-based administrators, Leonard Curtis Business Rescue and Recovery, after being unable to pay bills and meet its liabilities.
The company imports, exports and distributes premium-branded perfumes, stocking over 700 brands and supplying wholesalers, boutiques, high street and online retailers.
Attempts to find a buyer for the £68m turnover company have so far failed.
But the firm is set to continue trading as administrators try to facilitate a takeover with new owners.
104 positions have now been made redundant.
Star Global Trading company offices in Salford – YouTube
Star Global are listed as having over 200 employees.
Its most recent available accounts, from 2013, show net assets of £780,000.
Profits after tax in the same year were just £59,589 from sales of £55,009,462.
A note on the company’s website states: “Julien Irving, Kevin Murphy and John Titley of Leonard Curtis Recovery Limited were appointed as joint administrators on 15 February 2016.
“The affairs, business and property of the company are being managed by the joint administrators.”
Star Global Trading was founded in 1999 by Neil Barron, Dipak Thakrar and Rachana Thakrar.
In a statement Julien Irving of Leonard Curtis said: “The company has faced financial difficulties given the downturn in the fragrance sector and it being unable to meet its ongoing liabilities.
“Consequently the company was seeking to find a buyer for the business, which has proved unsuccessful to date.
“Given that there remains some interest in the business, the decision has been taken to trade the company for a limited period with the objective of securing a buyer and safeguarding jobs.”
Main image: YouTube
