Manchester wholesaler Bas Phillips was put into liquidation earlier this month and today the assets of the 80-year-old family business were advertised for sale.
Bas Phillips specialised in manchester made from Egyptian cotton imported entirely from Egypt and counted David Jones, Country Road, Peters of Kensington, Manchester Warehouse and Cotton Box amongst its clients.
BFI Ferrier was appointed as liquidator on August 2 and supervisor Peter Kefalas told SmartCompany it was too early to comment on the reasons for the liquidation.
“Because it is early on in the liquidation our investigations have just commenced, we have secured the assets and are putting them up for sale,” he says.
“Potential purchasers of the assets have to sign a confidentiality agreement and I can’t disclose the value of the assets as it could jeopardise the sale.”
Bas Phillips has one secured creditor (who Kefalas would not identify) along with the Australian Tax Office, which is unsecured.
Kefalis says Bas Phillips’ total debts exceed $500,000.
The family business had a long history after being started in 1923 by Bert Phillips as an agent for “physician” blankets and men’s suiting and flannels.
Following Bert’s death, his son Bas built up the company to representing Australian companies including Invicta, Downia, Woolrest, Sleepmaster, and Laconia and then started importing Egyptian cotton to Australia with David Jones and Country Road both stocking the line in 1996.
The final family member to run the business was Bas’ daughter Jo-Anne, who continued on with the family business after Bas’ retirement in 2004.
Expressions of interest are being sought from potential purchasers by August 20.
