TAUNTON business True Skincare has gone into liquidation, suffering  "significant financial challenges" after walking away from a Dragons' Den deal.

True Skincare, a distinguished brand in the beauty industry, was founded by Emma Thornton in Taunton and received four offers of investment in a 2021 appearance on Dragon's Den.

On Thursday, July 11, The Insolvency Company SW Ltd announced the appointment of joint administrators of True Skincare Limited.

It said that the company had faced "significant financial challenges", despite gaining widespread recognition following Emma’s successful appearance on Dragon's Den.

The business accepted entrepreneur Deborah Meaden's offer of investment on the BBC show, but decided not to proceed with the deal.

True Skincare's Emma Thornton brought with her an extensive background in beauty marketing and retail, including notable positions at Elemis and Bulgari.

The company received investment offers from four of the five Dragons; Deborah Meaden, Peter Jones, Tej Lalvani and Sara Davies.

Despite a promising start and considerable growth post-Dragon's Den, True Skincare encountered several insurmountable challenges. 

The rapid expansion of the business required additional investment, leading to an increase in operational costs and the decision to bring manufacturing and fulfilment in-house.

However, the unexpected financial difficulties of a key trade partner, exacerbated by the wider economic impact of the Russian-Ukraine conflict, placed a significant strain on the company’s cash flow, insolvency practitioners said.

The appointment of insolvency practitioners, Gareth Buckley and Stacey Phipps, is a "step in managing the process to maximize returns to creditors and explore potential restructuring or sale opportunities".

The Insolvency Company said in an announcement: "Interested parties in the sale of True Skincare Limited’s assets should contact Jason Hall at Lambert Smith Hampton at JHall@lsh.co.uk for further information.

"The Insolvency Company remains committed to navigating True Skincare Limited through this challenging period with the utmost professionalism and care, ensuring transparency and support for all involved parties."