Post by Historic Docks on Apr 7, 2009 23:15:54 GMT
www.eveningtimes.co.uk/news/display.var.2496221.0.antiques_firm_hit_by_credit_squeeze.php
Antiques firm hit by credit squeeze
by Caroline Wilson
A BLAZE-HIT city antiques centre which relocated has become the latest Glasgow casualty of the economic crisis.
Clydeside Antiques, which houses around 20 traders in its Lancefield Street building, has gone into liquidation.
It is understood that the burden of rent and other fixed costs in the current economic climate has taken its toll on the business.
Maureen Leslie of Glasgow-based MLM Insolvency, has been appointed liquidator for the company.
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However, it is understood another antiques firm are in talks about taking over the lease from owners Joe and Julie Gallagher.
Hundreds of thousands of pounds of stock was wiped-out when the original Clydeside Antiques warehouse in the city's Yorkhill Quay was destroyed by fire in June 2005.
A year on, traders relaunched in Anderston in a new warehouse a few hundred yards from the original site.
Mr and Mrs Gallagher, who rented space at the original business, were not insured when the centre was hit by fire. They lost £120,000 of stock.
However, they re-mortgaged their home to rebuild the new business.
Mrs Gallagher confirmed that a new company was in discussions about taking over the lease.
The 25,000sq ft centre includes furniture, vintage clothing, art, collectable comics and Victorian jewelry.
In 2007 the warehouse was used as a venue for popular BBC1 antiques show Bargain Hunt and its items are regularly sourced for TV shows including Taggart and Rebus.
A total of 166 firms in Scotland fell into compulsory liquidation in the last three months of 2008 compared with just 122 in the same period in 2007.
Antiques firm hit by credit squeeze
by Caroline Wilson
A BLAZE-HIT city antiques centre which relocated has become the latest Glasgow casualty of the economic crisis.
Clydeside Antiques, which houses around 20 traders in its Lancefield Street building, has gone into liquidation.
It is understood that the burden of rent and other fixed costs in the current economic climate has taken its toll on the business.
Maureen Leslie of Glasgow-based MLM Insolvency, has been appointed liquidator for the company.
advertisement
However, it is understood another antiques firm are in talks about taking over the lease from owners Joe and Julie Gallagher.
Hundreds of thousands of pounds of stock was wiped-out when the original Clydeside Antiques warehouse in the city's Yorkhill Quay was destroyed by fire in June 2005.
A year on, traders relaunched in Anderston in a new warehouse a few hundred yards from the original site.
Mr and Mrs Gallagher, who rented space at the original business, were not insured when the centre was hit by fire. They lost £120,000 of stock.
However, they re-mortgaged their home to rebuild the new business.
Mrs Gallagher confirmed that a new company was in discussions about taking over the lease.
The 25,000sq ft centre includes furniture, vintage clothing, art, collectable comics and Victorian jewelry.
In 2007 the warehouse was used as a venue for popular BBC1 antiques show Bargain Hunt and its items are regularly sourced for TV shows including Taggart and Rebus.
A total of 166 firms in Scotland fell into compulsory liquidation in the last three months of 2008 compared with just 122 in the same period in 2007.