Firm interest in bust lingerie boutiques

ADMINISTRATORS of cash-stricken Boudiche appear confident of finding a buyer for the upmarket lingerie retailer after receiving about 20 expressions of interest in the business.

RSM Tenon said it has been contacted by a variety of sources ranging from local entrepreneurs to retail and lingerie specialists about award-winning Boudiche. As a result, joint administrator Tom MacLennan has set a deadline of 5pm on 24 June for firm offers.

"The level of interest is very encouraging and reflects our view that the administration presents an excellent opportunity to acquire the brand and assets of a high-regarded business, and to take it forward to the next level of development," MacLennan said yesterday.

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Administrators were called in last week by Boudiche co-founders Clare Thommen and Fiona McLean after severe cash flow problems as a result of the downturn in consumer spending. The company said its problems were further exacerbated by a 40 per cent drop in footfall since work began on Edinburgh's controversial tram line.

Launched in the capital in 2005, Boudiche opened its second shop in Glasgow in 2008. Both stores are now closed, leaving 13 staff redundant. Turnover had reached nearly 600,000, but latest accounts filed by Boudiche show that the business owed creditors more than 608,000 as of January 2009.