A UK-based satchel manufacturer, which went into administration last month, has been swiftly rescued.
Zatchels, which produces a range of satchels and bags for men, women and children, had previously been operating under a Company Voluntary Agreement (CVA).
The outfit briefly went into administration last Monday (July 31st), but was immediately bought up by its founders Brian Brady and Dean Clarke – safeguarding around 50 jobs.
The pair have the backing of Chinese investment business Avenue 51 Group, which specialises in the retail sector.
Mr Clarke said: “We grew very quickly and events ran away with us. But we reversed that situation and we now have one very profitable store.
“We will do a turnover of £2.5 million this year and our Chinese investors have vowed to get us to £6 million in two years.”
Zatchels, which has its headquarters in Leicester and a boutique store in The Shambles, York, was founded in 2014.
The firm exports to countries including Japan, Australia, the United States, Canada and Russia and its products have previously featured in the likes of Grazia and Cosmopolitan.
