Statement from the BPMA – Dukes Global
Dukes Global Ltd, a long-established London based distributor, were placed into administration on Friday 1st September 2017 by Leonard & Curtis in London (AJ Duncan and AD Cadwallender). On Monday 4th September 2017 at 10:56am the company and assets were purchased by Bensussen Deutsch & Associates Ltd (BDA). The sale specifically excluded the shares held in subsidiaries, cash at bank and book debts.
Following the demise of Dukes Global Ltd, the BPMA has been working very hard to pull together the facts as well as to put urgent steps in place to try and support the affected suppliers.
The BPMA have been contacted by, and is working closely with, a number of suppliers that had debts with Dukes Global and we want to do all we can to support them. Tensions are clearly high with many suppliers having been left with very large debts and there are a number of unanswered questions.The BPMA is keen to help any suppliers in terms of advice and assistance that have been caught up in this. We are looking to help coordinate these questions through a supplier meeting which will allow a measured response to be presented to the Administrators.
Therefore, the BPMA has called a suppliers creditors meeting on Thursday 14th September at 10.30am. If you would like to attend please call the BPMA or email email@example.com
BDA are a very large distributor in the US, accounting for over $300m of turnover and representing a number of blue chip clients. Their aim is to be a considerable player in the UK, as stated by their CEO Jay Deutsch. They are already a BPMA member and have a UK based office.
Jay Deutsch has been in contact with the BPMA and he would like to make himself available to supplier members to discuss any outstanding questions they may have with regards to the future. Details of this will be shared at the meeting on the 14th September.
Mike Collins CEO of AccountAssyst will be present at Merchandise World in the BPMA Business Clinic and would be keen to answer any of members concerns. It is important that we remind our members we offer and encourage the use of our member benefit with free credit reports and access to the AccountAssyst credit management programme, to ensure risk is managed.
The BPMA are taking the issue very seriously that a member company, such as Dukes, can amass these huge debts and are working through ways to help ensure that situations like this are avoided in the future.