Three Sixty placed in administration as Elmwood action continues
Three Sixty Brands, the brand management business which was formed following the MBO of Chartered Brands, has gone into administration.
The Edinburgh-based company is understood to have folded with administrator KPMG now seeking a buyer.
Blair Nimmo, head of restructuring at KPMG LLP, said: “Blair Nimmo and Gary Fraser of KPMG LLP were appointed joint administrators of Three Sixty Brands on 13 May and since then we have been seeking buyers for some of the company’s assets including the Limelite, Frish and Filetti brands – well-known and recognised cleaning products.
“Unfortunately, like many companies in the current economic climate, ThreeSixty experienced cashflow difficulties and was unable to sustain what was an established business.”
Three Sixty was formed following an MBO in July 2008 which saw Phillip Craig join at the last minute when Glen Gribbon, who had led the takeover, left to become managing director of Pets Now.
The deal was backed by Scottish business investment and rescue specialists Symphony Corporate and saw eighteen members of staff retained.
The Charteredbrands name was retained by the company’s outgoing directors – chief exec Gervais Cottam and brand director Angela Pirrie.
Meanwhile, the company was understood to be in the process of a court action against design agency Elmwood over joint venture tea brand Make Mine A Builders.
The company pursued Elmwood for damages of £50,147, which it claimed it was due for brand development. Elmwood has also lodged an appeal and said that the brand is wholly owned by the company and will remain so.
Elmwood was unable to comment on the action.
Nimmo said: “We are aware that ThreeSixty was pursuing Elmwood for money they felt was owed as a result of their work on the ‘Make Mine a Builders' tea brand but the court proceedings are not at a stage which would involve input from administrators.”