Having entered a CVA on 22nd January, children's furniture and accessories manufacturer and retailer Aspace has announced a planned comeback as Aspace Holdings Ltd.
Ongoing chairman Caspar Williams comments: "Our ranges will be smaller, the team is smaller, in fact the whole operation is smaller, but we have retained all of our passion and expertise for creating top quality products and a special space for your children."
Previous head of operations Severine Thirion will lead the new company, with Lisa Conduit in charge of customer services team and Andy Collier co-ordinating product check-in and dispatch.
Bristol's BDO LLP business restructuring partners Simon Girling and Danny Dartnaill were appointed joint supervisors of the CVA, which received a 98.6% vote of approval from unconnected creditors, leading to the company's continued trade under the control of its directors and a primarily online-only retail operation.
The company’s seven physical stores – one in Bristol and six in the South-east – were closed at the beginning of January as part of a complete restructure of the business, which resulted in the loss of 37 jobs.
Last year saw several attempts made to reverse the retailer's fortunes prior to it entering the CVA, including management changes and a rebrand. The outstanding debts owed by the company were thought to be substantial.
Aspace says it is currently working with key suppliers to reintroduce its most popular products over the coming months. All the items currently available are remaining clearance lines from previous stock – new stock is set to arrive later in the summer.