Inflatable hot tub firm Clever-Company has gone into administration after demand for its products fell amid rising energy costs.
Halton-based Clever-Company supplied inflatable hot tubs and related accessories to retailers and directly to consumers.
The company saw increased demand for its products during the pandemic - but that demand has fallen in recent months.
READ MORE: Grupo Bimbo buys Paul Hollywood bread maker St Pierre Groupe amid American success
Howard Smith and Richard Harrison from Interpath Advisory, who have been appointed joint administrators of Clever-Company, said the company saw "significant pressure on cash flow" as recent investment in its cost base coincided with that sales fall.
Directors agreed that it was in the best interests of the company’s creditors for it to be placed into administration this week. Some 25 staff members have been made redundant, with nine remaining to support the administration.
Howard Smith, joint administrator and Managing Director of Interpath Advisory, said: "The lockdowns of 2020 and 2021 saw a huge surge in demand for hot tubs, but unfortunately this demand has started to soften, not least in the wake of energy costs starting to rise.
"We will be providing assistance to those members of staff who have been made redundant and will also be seeking a buyer for the business and its assets. We advise any interested parties to contact us as soon as possible."
READ MORE: