The artist behind the enduring McCoo art work mentioned he's bankrupt after the enterprise went bust over £1million of unpaid debt.
Dozens of employees and suppliers misplaced 1000's of kilos between them when Ayr-based Steven Brown Artwork Restricted shut up store.
However Brown, the painter who created the vibrant art work, is again working for a brand new agency which purchased the rights to his pictures.
The 49-year-old mentioned he had achieved nothing unsuitable and the previous enterprise, which had an £11million turnover, had made errors and overstretched itself.
He mentioned: “I’m simply making an attempt to maintain the artwork alive. I don’t give a crap about cash. It’s for the followers who love my work.”
Days earlier than his agency’s implosion, the “McCoo rights” have been bought to new house owners who’ve made Brown and spouse Caroline their two sole staff.
New monetary paperwork for the defunct agency present liquidators flogged an organization van for £11,500 to attempt to cowl payments.
Nevertheless it wasn’t sufficient to pay the large quantity of debt which left staff out of pocket by greater than £27,000.
The taxman misplaced practically £62,000 and unsecured collectors – regarded as suppliers and different companies – received’t be paid the £912,000 they're owed.
Brown, who's recovering from a stroke, mentioned: “We overstretched ourselves. That is going again two-and-a-half years and I don’t suppose we owed any employees something so these figures are new to me.
“We owed some huge cash to at least one provider however I believed the determine was round £750,000. Workers have been paid weekly they usually all received per week’s discover.
“I'm bankrupt now. We spent some huge cash on issues that didn’t work just like the gallery and issues like youngsters’ books, which break the bank. That’s what put us in hassle.”
The expansion of the agency had been as spectacular because the kaleidoscope pictures of shaggy cows the previous quick meals boss created.
The dad-of-three had solely picked up a paintbrush in 2010 after a coronary heart assault pressured him to remain residence from his job at KFC.
However his artwork was shortly in excessive demand and previous schoolmate Craig Bryson persuaded Brown to open a enterprise that not solely bought work for about £4000 however prints and knick-knacks emblazoned with the work.
The rights of the art work are actually within the arms of DGD Buying and selling Restricted, owned by David Cordy, 45. The web site is promoting every part from calendars to cellphone circumstances and mouse mats.
The liquidation of the enterprise price 21 staff their jobs.
Paperwork reveals employees and the Redundancy Funds Service put in claims for over £12,000 with liquidator Arvinder Singh, of London-based FRP Advisory.
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