According to a recent story on www.kbbreview.com online bathroom retailer Soak.com has been placed into administration. The company is said to have appointed corporate recovery specialist Leonard Curtis in Manchester as the administrator. The administration follows unsuccessful attempts by accountancy firm BDO to find a buyer for the business, which saw its turnover fall from £70 million in 2018 to just £43 million.
In March 2019, the online bathroom retailer announced that it may have to make 15 staff redundant because of “economic uncertainty” at the time. At the end of March, US-based plumbing and heating group Ferguson sold Soak.com to Soak director and former Boohoo executive Christopher Bale.
Steve Bradshaw of Eco Interior Solutions told kbb review that he regarded Soak’s administration as the “inevitable outcome of that “race to the bottom”.
He added: “In recent years, one of the most regular discussion with my suppliers, manufacturing partners and competitors has been the obvious outcome of the ‘race to the bottom’ approach of the internet-based companies” stated Bradshaw. “We saw it not so long ago with Better Bathrooms and now it’s the turn of Soak.com. Their unrealistic approach to business sees these outfits ruthlessly undercutting each other on a regular basis in the hope, presumably, that a competitor or two may eventually fail commercially.”
“The real sadness continues in the form of the ongoing collateral damage – namely the many closed bricks-and-mortar retailers who could not (and cannot) compete while this crazy internet business model plays out.”
More at: https://www.kbbreview.com
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