A long-standing Plymouth online retailer has gone bust after falling victim to the economic climate. Dash Publishing Ltd was set up in 1998 but called a meeting of creditors in late August and the following month appointed liquidators.

The e-commerce company has now been wound up voluntarily leaving just £209 in assets and debts of £194,504 likely to remain unpaid. Director David Hildrew told PlymouthLive: “Sadly, Dash Publishing Ltd was unable to survive the current, harsh economic climate resulting in its liquidation.”

Documents filed at Companies House showed Dash Publishing, which was based at Langage Industrial Estate and described as being involved in “retail sale via mail order houses or via internet”, owed money to its employees and more than £40,000 to HM Revenue and Customs in unpaid taxes. It also owed about £44,000 to the Government’s Redundancy Payments Service.

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The biggest debt was to connected companies Devon Properties Ltd, which is claiming £90,041, and Dash Direct Ltd, both of which are still active and have David and Siobhan Hildrew as directors. The holding company Devon Properties was Dash Publishing’s major shareholder.

Dash Direct, which is also based in Plymouth, is still active and was the producer of the famous The Bluebeards Revenge men’s grooming products. However, the brand was acquired by fast-growing Stephensons Online Ltd, trading as Sol Retail in Northampton, earlier this year.

At the time, Sol Retail’s chief executive Barry Tong wrote on social medial: “It is my great pleasure to confirm that we have acquired 100% of the amazing The Bluebeards Revenge Brand. We have vowed to continue the legacy David Hildrew has built over the years and cannot wait to drive this brand forward.

“We wish David the very best in his retirement and will do everything we can to make you proud. Thank you for the opportunity. We look forward to seeing the growth of the brand continue.”

Mr Hildrew stressed that The Bluebeards Revenge was never owned by Dash Publishing Ltd but rather Dash Direct Ltd which is “alive and well having sold the Bluebeards Revenge brand earlier this year”.

The loss of Dash Publishing comes as the Government published the latest insolvency statistics. Figures for October 2023 show the number of registered company insolvency that month were 2,315, which was 18% higher than in October last year.

The Government said this was higher than during the Covid era, and pre-pandemic. The stats included 1,889 creditors voluntary liquidations

Julie Palmer, partner at Begbies Traynor, said: “Today’s report from the Insolvency Service is yet more evidence that thousands of UK businesses are simply unable to cope with the economic pressures they currently face. The removal of government support measures, compounded by increased interest rates, inflation-eroded margins and weak demand, have all combined to push thousands of businesses to the brink of collapse.

“Now, with the era of cheap money behind us, it means many companies who were struggling must deal with the financial consequences as they fight to service their debt. Levels of insolvencies are now even greater than before the pandemic and unless economic conditions rapidly improve, many of these businesses we highlighted as being in critical distress will inevitably fail as the impending debt storm hits our shores this winter.”