21 jobs lost
McCoo artist Steven Brown in liquidation as cash dries up
Steven Brown with the signature brand artwork
Steven Brown Art, the company famous for its colourful range of ‘McCoo’ artwork, prints and merchandise, has collapsed after suffering cash flow problems.
The Ayr-based business, which was founded in 2016, had a turnover of £11.5m, employed 21 staff and operated a gallery and warehouse in the town.
Its extensive range of artwork and merchandise was sold directly from the gallery, online and through third party retailers such as art galleries, gift shops and cafes. The company has ceased trading and the gallery and warehouse have closed. All 21 staff have been made redundant with immediate effect.
The provisional liquidators Tom MacLennan and Arvindar Jit Singh, partners with FRP Advisory, will shortly be selling the stock of artwork, prints and merchandise together with all other company assets such as vehicles, plant and equipment.
Mr MacLennan, partner, said: “Steven Brown Art Limited became very well-known for its range of highly creative and engaging artwork based around the famous ‘McCoo’ brand. Although the company grew rapidly it had been suffering from serious cash flow problems and creditor pressure. As such the only option was to place the company in liquidation.
“We will now be selling all the remaining stock and would encourage interested parties to register their interest. We will also work closely with the Redundancy Payments Service and other agencies to minimise the impact on the staff affected by the closure of the business.”