The remnants of Virgin’s retail cosmetics business has been liquidated.
The administrator’s final report into Effective Cosmetics Retail – as the Virgin stores were renamed under new management – reveals the company was liquidated owing £3.3m.
Sir Richard Branson’s Virgin Group sold its cosmetics business two years ago, writing off £21m of debt and paying £8.8m as a “brand protection” dowry for the new owners.
Ros Simmons and Ratan Daryani, who put together the Virgin Cosmetics concept in 1996, took control of the assets and renamed the direct sales and internet business VIE at Home. The business continues to trade, although it lost £5.7m last year.
The retail business was renamed Effective Cosmetics but placed into administration last year. Among the largest creditors are the landlords.