The consultancy says in a statement, ‘Despite continued support from our bankers to address current economic and trading pressures, our recent “internal” problems have proved too difficult to overcome.’
Douglas Alexander, co-founder and managing director of Navyblue’s Edinburgh office, left the consultancy at the start of the month.
The statement continues, ‘Although we have made significant personal commitments and investment recently, on the advice of our accountants, we have regretfully decided that we must put our business into voluntary liquidation.’
The consultancy says that despite the move ‘the core Navyblue strategy and design teams in both Edinburgh and London will continue as a team’
While Navyblue’s London and Edinburgh offices are affected by the move, it is understood that Navyblue’s Oman and Johannesburg offices, which are separate profit centres, will continue as before.
Managing director of Navyblue in Oman Margaret Fitzgerald, and managing director of Navyblue in Johannesburg Bernie Shaw both confirmed this morning that their offices are unaffected by the move.
Design Week is awaiting confirmation on whether any redundancies or staffing changes will follow.
Navyblue stresses that ‘prospects and opportunities lie ahead’ and offers ‘reassurance’ of ‘continuing and unwavering support’ to its clients.