New owners for WAE+ after pre-pack deal

ONLINE retailer WAE+ is under new ownership after the company went into administration.

The central Birmingham-based business was said to be under increasing pressure from its creditors.

According to reports, the business was sold out of administration in a pre-pack deal by Baines & Ernst Corporate to WAE+ employees Justina Richards and Mevish Aslam who have set up JM-Limited.co.uk Ltd.

The retailer, which sold more than 125,000 different products, had been plagued by complaints from unsatisfied customers.

But in May WAE+ announced strong interims with sales trebling compared with the previous six months.

For the first six months of its financial year sales reached £4.48m, compared to £1.4m in the previous six months. The retailer said the surge in business had put in on target to achieve a £9m turnover in its second year.

The firm said following record Christmas sales figures it had continued to build on its success and was now averaging over 6,500 customer orders per month.

This morning a notice on its website said the site was down for maintenance.