Thread Online Ltd – administration

Thread Online Ltd, an online fashion marketplace which provides customers with personalised clothing recommendations, entered administration on 30 November, having been placed under significant pressure from creditors to settle liabilities. Will Wright and Chris Pole of Interpath Advisory were appointed joint administrators. Immediately following their appointment, the joint administrators sold the company’s intellectual property to Marks and Spencer plc, which is hiring 30 of the company’s former employees, including Kieran O’Neil and Ben Phillips, who founded the company in 2012, to lead the integration. Triplepoint Capital LLC has two registered charges against the company.