Morphe Cosmetics, the online and retail cosmetics business, has been successfully sold to Forma Brands UK Limited preserving a number of jobs and securing the future of the brand for its loyal customers.
Following the appointment on 31 July of Mark Blackman and Benjamin Wiles of Kroll as Joint Administrators, they have today confirmed the sale of the online and wholesale parts of the business by way of a pre-packaged sale.
Morphe Cosmetics is a UK based beauty, cosmetics and personal care products manufacturer and retailer. The company offered wholesale distribution of its products to partners as well as selling directly to consumers online and via retail stores. Prior to the administration, the company operated seven retail stores in the UK and had one store in Holland.
Unfortunately, tough market conditions and disproportionately high rent obligations have made the existing network of Morphe Cosmetic stores unviable. The eight stores have been shut with immediate effect and the parent company, Forma Brands LLC, has confirmed that all impacted staff will receive an enhanced redundancy package.
Mark Blackman, senior director, Kroll: “We’re pleased to have been able to secure the future of this popular brand, along with a number of jobs in the online and wholesale parts of the business although we do understand the impact that unavoidable closure of the physical outlets will have on staff and Kroll are supporting those who have been made redundant in claiming their statutory entitlements.”
Sarah Teal and Louise Snipe at Shoosmiths law firm supported Kroll on the sale of the business.
