Boutique hotel platform, Chic Lifestyle Limited has entered administration after experiencing funding issues, with its business and assets now up for sale.
The company’s trademark is Chic Retreats, the online marketplace for small independent boutique hotels across the globe, which offers a digital marketing platform for members.
The company charges a SaaS fee for joining and then a commission for all bookings made through the platform.
The business had a headcount of 23 at its peak and all staff have now been made redundant following to the administrators’ appointment.
Chic Lifestyle Limited entered administration on 26 July 2018, with Andrew Stephen McGill & Adam Henry Stephens of Smith & Williamson appointed joint administrators.
Andy McGill said: “The next round of funding could not be completed and so the Company needed to explore alternative options which culminated in the Directors taking steps to place the Company into administration. We have engaged a small team to maintain the platform and allow the business to continue operating whilst we seek interested parties to acquire the business & assets of the Company.
“We have already identified a list of potential interested parties in the sector and we are directly approaching possible buyers, advertising on a business sale platform plus using word-of-mouth marketing through our contacts in the technology sector.”
Companies interested in purchasing the Company’s assets are encouraged to contact Smith & Williamson for further information.