Joe Bloggs founder bankrupt
THE founder of jeans brand Joe Bloggs has been declared bankrupt, it has emerged.
Shami Ahmed, who founded the Manchester-based fashion empire in 1985, was forced into personal bankruptcy after losing his fortune by spread betting on movements in the stock exchange.
In January 2007 spread-betting firm Tradindex called in Mr Ahmed’s mounting debt and the High Court issued the bankruptcy order in April this year, documents show.
It is thought that Mr Ahmed has left debts of more than £10m to creditors including HMRC.
Mr Ahmed resigned as chairman and chief executive of Legendary Investments, the AIM-listed incubator and investment company he founded on April 17, four days before the bankruptcy order. As of May 19, he was still the majority shareholder, with 32.4% of the company.
Joe Bloggs’ parent company Juice Corporation is now run by Mr Ahmed’s brother Kashif and sister Bushra.
