A well-established fancy dress manufacturer, with a rich history dating back to the 19th century, is facing insolvency after unsuccessful attempts to find a buyer. The company, known as Smiffys, is a family-owned business that has been in operation since 1894. According to sources, the company has enlisted the services of PriceWaterhouseCoopers (PwC) as administrators, following unsuccessful efforts to secure a sale in recent weeks. The decision to file a notice of intention to appoint administrators was made on Thursday.
According to the company’s website, Smiffys ships over 26 million fancy dress items annually and distributes 7,500 products to a wide network of stockists around the world. However, the company has been facing challenges in recent months, particularly with overstocking issues.
In a statement issued by the company, it was revealed that Smiffys has had a difficult four years, largely due to the impact of the pandemic, supply chain disruptions, and rising inflationary pressures on both businesses and consumers. As a result, the company has been forced to make the difficult decision to file a notice of intention to appoint administrators.
It should be noted that this does not necessarily mean that the company is in administration, but rather, it allows Smiffys to explore various potential options with the aim of securing a sustainable future for the business. The company also reassured customers that it will continue to trade and fulfill orders as usual during this time. Smiffys expressed gratitude to its dedicated team and loyal customers for their ongoing support.
When approached for comment, PwC declined to provide any further information. The situation will continue to be closely monitored as Smiffys works towards finding a viable solution for its future.
