Administration
This coverage explores retail administrations and insolvencies within the UK market, examining the circumstances, decisions, and consequences for businesses, employees, and creditors. Reporting highlights notable cases, restructuring efforts, store closures, and leadership actions aimed at recovery or winding down. Designed for executives and managers, it offers insights into risk, resilience, and lessons from commercial failures.
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Jan- 2019 -21 JanuaryHigh Street
Chapelle enters administration
Jewellery and watch retailer Chapelle has entered into administration, four years after it was sold to HMV owners Hilco UK. Philip Duffy and Sarah Bell of accountancy firm Duff & Phelps have been appointed as administrators of both Mortimer Management Group and The Jewellery Outlet, which makes up Chapelle. The…
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21 JanuaryHigh Street
Mike Ashley among bidders eyeing HMV
According to reports, Sports Direct owner Mike Ashley is among bidders seeking to purchase HMV, which recently announced its second administration in six years. The music and film retailer officially fell into administration during the festive period, and was denied a £3.35m government tax cut before it entered administration according…
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11 JanuaryClothing & Shoes
Quiz issues profit warning
Fashion brand Quiz has issued a profit warning despite an 8.4% increase in group revenue in the six-week period from 25 November 2018 to 5 January 2019 against the comparable period last year. This was below anticipated revenues and resulted in a “higher than anticipated” level of discounting to clear…
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9 JanuaryEntertainment
HMV ‘denied’ £3.35m tax lifeline before administration
Beleaguered music and film retailer, HMV, who officially fell into administration during the festive period, was denied a £3.35m government tax cut before it entered administration new figures have revealed. HMV blamed a “tsunami” of retail challenges, including business rate levels, saying it paid £15m on sales of £277m meaning…
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7 JanuaryEconomy
Retail administrations rise for second consecutive year
The number of retailers entering into administration in 2018 was 125 – compared to 118 in 2017, an increase of 6% according to Deloitte’s latest insolvency figures. Furthermore, the number of retailers entering into company voluntary arrangements (CVAs) increased by 52%, from 25 in 2017 to 38 in 2018. Deloitte’s…
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2 JanuaryClothing & Shoes
Greenwoods goes into liquidation
Yorkshire-based menswear retailer Greenwoods has gone into liquidation just 18 months after it was saved from administration. The 158-year-old company is the latest high-street victim closing all of its stores with more than 100 jobs expected to be lost. The retailer originally fell into administration in September 2017, with 40…
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2 JanuaryClothing & Shoes
Online retailer Mahabis falls into administration
Mahabis, a specialist online retailer known for its premium slippers, has announced it has gone into administration. The company has ceased trading since it enlisted administrators KPMG on 27 December. It also warned that any customers who returned items would have an “unsecured claim” for any funds owed and added…
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Dec- 2018 -17 DecemberHigh Street
Dominic Chappell fined £124k for breaking pensions law
Former BHS owner Dominic Chappell has been fined £124,000 by the Hove Crown Court for breaking pensions law. According to Sky News Chappell was found guilty of withholding documents on the company’s pension scheme from the The Pensions Regulator (TPR) after it went into administration, and was re-sentenced on Friday…
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12 DecemberSupermarkets
Sainsbury’s and Asda to challenge CMA probe with judicial review
Sainsbury’s and Asda are set to take the Competition and Markets Authority (CMA) to a judicial review believing they have not been given enough time to effectively argue their case for the merger. The investigation into the merger by the CMA is expected to be completed by the start…
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4 DecemberAdvice
Are CVAs still fit for purpose?
In 2018, we have seen a number of high-profile retail restructurings and common to many is the use of a Company Voluntary Arrangement (CVA). After much press comment, which tended to focus on the plight of landlords, R3, the Association of Business Recovery Professionals, produced a report in May 2018…
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