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Wiggle calls in administrators – Frasers Group Attempting A Rescue

16 November 2023It has been shared that the high street bicycle chain, Halfords, is also in the line up to rescue WiggleCRC.So will it be Frasers Group or Halfords who save the struggling sports retailer...or is there another bidder looming in the background?28 October 2023Online sports retailer, WiggleCRC, collapsed into administration this week after it lost the financial support of its parent company, Signa Sports United.According to reports, Signa Sports United, which acquired WiggleCRC in 2021, is facing severe liquidity and profitability challenges and so is looking to restructure.WiggleCRC includes the online bike retailer, Wiggle, Chain Reaction Cycles and the Vitus and Nukeproof cycling brands. It has been popular with parents due to its offering of good value bikes for children as well as a wide range of bikes; from use in balance to mountain to road!Through the administration process, which is being handled by FRP Advisory, WiggleCRC continues to trade. It employs 450 people, of which have their jobs at risk of redundancy, outcome dependent.If you are a worried employee of WiggleCRC please take a read of our guide which covers useful advice and your rights, whilst in such a situation.Among the list of interested parties to rescue the group is Mr Mike Ashley, founder of the high street retail empire, Frasers Group. Just days ago, Frasers struck a deal to rescue another company from Signa; SportScheck. If Mr Ashley was to rescue Wiggle, this would add another cycling retailer to its portfolio, which already includes Evans Cycles.Tony Wright, partner at FRP Advisory and joint administrator, said: “WiggleCRC is one of Europe’s best-known sports retailers and has built a committed customer following in the cycling community. The administration provides a crucial period of protection for WiggleCRC as we prepare to market the business for sale. The group has a quality stable of brands and a leading market position, so we expect there to be interest and encourage potential buyers to come forward.”

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Wiggle calls in administrators – Frasers Group Attempting A Rescue

Wilko collapses into Administration

29 September 2023Sky News share today that after seeing some proposals from PwC, it is likely that unsecured creditors will receive between 4p and 8p in the pound, from the collapse of Wilko.According to the proposals, The Pension Protection Fund (£20m owed as a secured creditor), along with Barclays (£2.4m owed) and Hilco UK (£39.9m owed) are expected to be paid in full. The PPF is also owed monies as a unsecured creditor,13th September 2023The Range has purchased Wilko's brand and online assets for a total of £5m it is understood. An announcement is expected by the administrators later.  The Range was under pressure to buy the assets as it faced increased competition from online marketplace OnBuy.12th September 2023The owner of Poundland has agreed to take on the leases of dozens of Wilko shops.Pepco Group, which owns Poundland in the UK, is expected to convert up to 71 Wilko stores to the Poundland brand.11th September 2023Today we here the news that the rescue deal on the cards with HMV owner, Doug Putman, has collapsed. It is expected that now administrators of PwC will strike deals with The Range and Poundland's owner.The Range is likely to purchase Wilko's brand and online assets, whereas Poundland are in talks to buy 100 stores.5th September 2023B&M has bought 51 Wilko shops (locations not disclosed) for £13 million after the discount retailer collapsed into administration.The shops are set to be rebranded as B&M.  The retailer did not acquire Wilko’s brand name or any of its intellectual property. It said it would provide an update on the timing of the new B&M openings in November.Despite this arrangement with B&M, a further 1,332 jobs have been lost. Across 52 Wilko stores, 1,016 redundancies will take place, alongside a loss of 299 roles at two of its distribution centres and 17 at its digital operations department.Conversations with administrators continue.Sky News report more.31st August 2023The latest update to be heard on the situation with Wilko is that OnBuy, the online marketplace, has made a last minute rescue bid for the brand. As reported in the Retail Gazette, it is thought that OnBuy only want to continue trading through Wilko.com.Just earlier on today, it was revealed that a proposed £90m deal from private equity firm, M2 Capital, claiming to retain all employees' roles for two years, whilst it saved Wilko from collapse, had fallen through. The bidder was unable to file the relevant paperwork in time which meant the inability to provide proof of funding.Following this, redundancies will shortly commence, with:269 employees at the retailer's support centre (Worksop) to be made redundant from close of play 4th September 14 employees at Kin Limited to be made redundant from close of play 4th September - this is a subsidiary of Wilko For the two distribution stores in Worksop and Newport, redundancies expected to be announced from next weekJoint administrator Jane Steer said: “It’s with great sadness that we announce these redundancies. We’re incredibly grateful to these team members for the support and dedication they’ve shown to the company, particularly over the last few very difficult weeks. We will continue to do all that we can to support staff through this period of difficult upheaval, and to maximise their opportunities for a rapid return to work. Our priority is to ensure that all team members affected by redundancy are assisted in processing their claims with immediate effect. We will be circulating correspondence to all staff as soon as possible which will outline the support available to complete redundancy payment forms. Advice and assistance will also be available from Job Centre Plus and other agencies.''With this in mind, talks are underway still with HMV owner, Doug Putman and PwC.28th August 2023The latest on Wilko x Administration threat is that Doug Poutman, HMV owner, is in discussion with PwC about offering a finance offer for hundreds of Wilko stores. He seeks a £50m backing to do so. If this falls unsuccessful, a deal with Poundland is likely to go ahead.24th August 2023We hear an update today from the administrators of Wilko. They share that jobs are set to go and stores will close as no buyer has been found for the business as a whole. This being said, some parts of the group could be bought.In a statement, PwC said: "While discussions continue with those interested in buying parts of the business, it's clear that the nature of this interest is not focused on the whole group. Sadly, it is therefore likely that there will be redundancies and store closures in the future and it has today been necessary to update employee representatives.''23rd August 2023Rumours share that Poundland owner,  Pepco Group is in talks with PwC to acquire around 100 Wilko stores. Alongside this, B&M European Value Retail are supposedly negotiating over 40-50 stores. There are then various other value retailers, like TOFS, of whom have lodged offers to acquire smaller parts of Wilko's 400 store strong chain.A more official announcement is expected tomorrow on at least some of the sale agreements.Even with such agreements, there still remains risk of some site closures and job losses.Let's see what is to come...18th August 2023The deadline for interested parties to put forward a rescue deal for Wilko has passed. Administrators weigh up rescue bids. In the meantime,  a secondary sale begins, with discounts on hundreds of products in store.It has been heard that B&M, Poundland, The Range and Home Bargains - all competitors of the homeware retailer, have had interest to submit an offer.Whilst PwC are working on this case, no redundancies have been made. Only time will continue to tell the chains future.14th August 2023Companies vying to buy Wilko have been given until Wednesday 16th August to make an offer for the homewares chain which fell into administration last week.10th August 2023High Street home wear retail chain, Wilko, has collapsed into administration appointing PricewaterhouseCoopers (PwC) as administrators. This leaves 12,000 jobs at risk, as well as the future of many of its 400 stores.With the appointment of PwC, it triggers administrators to run a further administration sale, to see if there are any last minute rescue offers. However, should this not be successful, the 93-year-old chain will close and have its assets sold - making Wilko the biggest casualty of the High Street this year.  If you are an employee, worried about what this means for you, read our guide.Further updates to follow.9th August 2023Wilko has suspended all home deliveries, suggesting a fall into administration is inevitable. Talks with buyers have been underway, but it is thought nothing much will come from them, with the latest updates.8th August 2023 The owner of the Laura Ashley brand, Gordon Brothers, is in talks about a potential rescue deal for Wilko. Insiders say the offer may involve Gordon Brothers providing funding to the retailer to implement a restructuring which would involve a key amount of stores closing and jobs lost.PricewaterhouseCoopers (PwC), which is advising Wilkos', is understood to be seeking binding offers within days, with the company close to running out of cash. Should PwC be appointed as administrator, a further sale process will proceed before embarking on a liquidation of the retailers assets, if no rescue deal comes through.3rd August 2023News today is that Wilko is teetering on the brink of administration, with 12,000 jobs at risk.Despite offers from potential buyers, the needed liquidity to cover the cash pressures being faced, has not been met.Mark Jackson, CEO of Wilko announced the decision to file a notice of intention to appoint administrators. In the meantime, discussions will continue with interested parties in the hope of a late-coming rescue. Watch this space!  A notice of intent gives the company 10 days for a rescue deal to be agreed.  If nothing is forthcoming then it is likely that the company will go into formal administration with the loss of thousands of jobs.27th July 2023It has been reported that Hilco have put in another £5m into Wilko to help with the current cash flow problems.19th June 2023It has reported in the news that landlords of Wilko face the chance of no rental payments for at least the next three years, as a CVA is likely to launch in the next month. The restructuring arrangement looks to cut rents at 240 of its 400 stores, with no stores facing closure.One source close to the process told The Times, that the retailer will soon run out of funds and could collapse into administration if a CVA is not agreed.12th June 2023Wilko has brought in CBRE property advisors to open negotiations with landlords on rent reductions.According to the latest news, Wilko is exploring a Company Voluntary Arrangement, in order to renegotiate rents and potentially close some stores, as part of its cost-cutting plans.PwC advisors are said to have been approached, to look into the various restructuring options possible.Chief executive Mark Jackson remarked: “We’re in the early stages of the turnaround and, as is usual, the directors continue to explore all options for Wilko’s long-term future.”16th February 2023Wilko has announced plans to cut more than 400 jobs, including assistant store managers, retail supervisors, head office managers and call centre workers, in the troubled retailer’s latest effort to control costs.4th January 2023It has been reported that Hilco, the retail turnaround fund, has lent £40m to Wilko to secure its long term future.Wilko has said that it has received a £30m emergency loan to see it through the Christmas trading period. It has already sold its distribution centre for £48m and leased it back. Hopefully this will be enough.In a statement Jerome Saint-Marc, Wilko CEO comments:“Our relationship with our lending partners is solid. The recent sale and leaseback of our distribution centre to DHL earlier this week unlocked £48m which has enabled us to repay our revolving credit facility in full. We’re taking this opportunity, now that the deal is done, to review how we manage our ongoing financing to best trade through the current retail environment while continuing to invest in our future.”Suppliers to Wilko have had their credit insurance withdrawn according to reports. If true, this is a big blow as that now means that suppliers will be reluctant to grant Wilko any credit, so putting serious strain on the retailers finances.Both Retail Week and Retail Gazette have reported that the restructuring advisors Teneo have been instructed by Wilko, the homewares store, to look at how it can turnaround its fortunes. Last month it announced that it was extending its payment terms to 60 days and that anyone due to be paid in September would be paid in November.These are indications that the company is struggling. So what options does the chain have? It has already closed down 15 stores but if it needs to close down many more, that might be subject to long leases, then a company voluntary arrangement is a good way to do this. High rents may not be the issue here but increased competition and a drop in trade as the cost of living crisis bites.

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Wilko collapses into Administration

Patisserie Valerie in talks with lenders to stop it going bust.

in News Retail

13th September 2023The Serious Fraud Office (SFO) has today brought fraud charges against four individuals, including a former director, who oversaw the financial failure of a chain of almost 200 high street bakeries.The SFO has charged former director and Chief Financial Officer of Patisserie Holdings Plc for 12 years, Christopher Marsh, and his wife, accountant Louise Marsh, as well as Financial Controller Pritesh Mistry and financial consultant Nileshkumar Lad. All four suspects were served with charges at their homes.The SFO has charged all four suspects with conspiring to inflate the cash in Patisserie Holdings’ balance sheets and annual reports from 2015 to 2018, including by providing false documentation to the company’s auditors. During this time, the company also reported holding £28 million in accounts, yet concealed £10 million in debts from its investors and creditors.Update (14.02.19)Patisserie Valerie has been rescued by Causeway Capital Partners as it is bought out of administration.  It is expected that 96 out of the 121 outlets will stay open and most of the 2000 jobs will be saved.Update (22.01.19)After talks with the banks failed, Patisserie Valerie have fallen into administration. 70 outlets are to be closed immediately, whilst the remaining 121 continue trading, with hope of a buyer being found. A third of the 3,000 are understood to be made redundant. For any employees seeking advice regarding redundancy, see our page here.Update (21.01.19)Patisserie Valerie is under more pressure as it now appears that the "black hole" in its accounts is bigger than the initial £40m that was uncovered.  The company confirmed that it was in talks with its lenders to see if there was a way forward.  There is therefore a chance that lenders will not support it and the company will have to either go into administration or a Company Voluntary Arrangement if it is viable enough.  Either way it is likely that Luke Johnson will have to put in more than the £20m he already has in order to save the chain.Update (15.10.18)The latest news, for Patisserie Valerie, is that rumours suggest they are considering suing Grant Thornton, for failing to spot the £40m hole in their accounts.Luke Johnson, revealed that the board found a £9.7m 'secret overdraft', with Barclays and HSBC - that he, nor the auditors knew about.Johnson says the past week has been ''the most harrowing''. He felt morally obliged to rescue the business, as shown by his £20m cash injection.''2800 jobs were at stake, there was 12 years of effort that I and colleagues had put into the business, and the board were determined not to allow the business to go into administration''.Update (13.10.18)Only earlier this week, Patisserie Valerie was brought to our attention, being at risk of collapse. Now, news suggests they have been saved.Luke Johnson, who owns 37% of the company, has provided £20m of loans to the struggling chain.The deal agreed lending of £10m for three years, to owners Patisserie Holdings plc. It is said that this will provide ''immediate liquidity''.Additional to this, a further bridging loan facility of up to £10m was provided.New shares have also been issued, allowed a further £15m to be raised for the firm,The firm said it had also raised another £15m by issuing new shares.Company directors said they required a cash injection, immediately, of minimum £20m, for the firm to continue trading in its present form.Following the ''significant, and potentially fraudulent, accounting irregularities'', reported,  finance director Chris Marsh had been arrested and released on bail. The Serious Fraud Office said it had "opened a criminal investigation into an individual'', with no further comment or information being given.

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Patisserie Valerie in talks with lenders to stop it going bust.

Clintons to close 38 stores to avoid insolvency

in News Retail

Card retailer, Clintons, is looking to close around a fifth of its stores in order to avoid going bust. With 'acute financial distress' being faced, restructuring advisers from FRP Advisory have been brought in, to work on rescue plans - said to include a debt-for-equity swap.Looking back, it was just 4 years ago that Clintons went through a pre-pack administration. This involved closing 156 stores and being purchased by its previous owner, the Weiss family, of whom own American Greetings. Before this, in 2012, when Clintons had 784 stores, it entered administration.Even with the mass closure of stores and cutting costs, rebuilding of Clintons' finances proved difficult. There was talks of a merger with Paperchase in December 2022, but nothing came of this.According to documents seen by The Times, Clintons’ store closure plan has been designed to “avoid insolvency and be rescued as a going concern”. Additionally, the retailer “will have no option but to commence formal insolvency proceedings” if it does not secure a deal.Clintons currently trades from 179 stores and is one of the biggest privately owned retailers in Britain. With the cost of living crisis and inflationary pressures, we are seeing a lot of businesses struggle. Could it be that Clintons are suffering with a lack of consumers buying, after finding the cheaper alternatives such as Card Factory and Cards Direct - more suitable in such a time of living?

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Clintons to close 38 stores to avoid insolvency

Hotter Shoes in Administration Filing

Update 19th JulyHotter Shoes has been rescued via a pre-pack deal with natural knitwear brand, WoolOvers. Under the deal, all 421 employees and the 27 stores and concessions will be transferred to the privately owned fashion brand.It is understood that this pre-pack will allow owner Unbound to stay out of insolvency proceedings while its board considers its options for the future.Update 17th JulyIt has been confirmed that Hotter Shoes has filed a notice of intention to appoint administrators. Will Wright and Rick Harrison of Interpath Advisory Limited have been lined up for the roleIt has been reported by Sky News that Hotter Shoes, owned by Unbound, is looking for an urgent capital injection of £2m to avoid it going into administration.City sources told Sky that unless that funding was forthcoming "in the near future", Unbound's board would have no choice but to call in administrators.Hotter Shoes trades from 17 standalone stores and has 9 concessions in garden centres.The company has been having problems for some time and in May announced that a £10m investment from Marwyn Investment Management had not been forthcoming.  In addition, according to a Stock Market announcement, it had stopped trying to sell the business.Back in 2020 it had launched a Company Voluntary Arrangement (CVA) that saw it close 46 stores.  The fact that it has traded on for a further 3 years after the CVA shows that it can give a good return to creditors compared to an administration.

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Hotter Shoes in Administration Filing

Hotter Shoes in Administration Threat

19th July 2023Hotter Shoes has been rescued by natural knitwear brand WoolOvers in a pre-pack administration deal. The sale will see all 421 employees as well as 27 stores and concessions transferred to the privately owned fashion brand.11th July 2023Hotter shoes in administration threat according to reports.  Please see this story for the latest.13 November 2020This morning we hear that Hotter Shoes, Britain's biggest shoemaker, is to be put up for sale. Electra Private Equtity appointed investment bank, Stifel, to run an auction on the company during the course of next year, once more normal trading conditions can be resumed.This comes just a few months after its CVA was given the green light. This emergency restructuring plan cut many jobs and reduced its store portfolio.31 July 2020Hotter Shoes can move forward with its plans to permanently close 46 stores since its company voluntary arrangement (CVA) proposal received the green light from creditors.The company's owner, Electra Private Equity PLC, of whom launched the CVA proposal, announced that the proposal was accepted by 99.5 per cent of voting creditors.This will bring its total store portfolio from 61 to 15. There will be a number of redundancies too, but it is reported that at least 350 jobs have been saved.CEO of the footwear retailer, Ian Watson said: “I would like to thank my colleagues for their support and understanding through this process. Following the impact of Covid-19 the CVA was a regrettable but necessary step to avoid the likelihood of Hotter going into administration causing a much larger number of job losses, and was critical to ensure a viable future for the business. Now, we can focus on accelerating the implementation of our strategy to develop the respected and valuable Hotter brand with a greater emphasis on its online offering, which should establish a successful long-term future for the business."10 July 2020It is reported that shoe retailer, Hotter, has submitted its CVA proposal to creditors and shareholders, seeking approval for the closure of 46 stores.This submission is to help the footwear retailer avoid collapsing into administration. It would see Hotter's store portfolio fall from 61 to just 15 stores. Rental payment terms would also be adjusted for its remaining sites.It is expected for 350 jobs to be saved from the proposal, if approved, though some redundancies will be unavoidable.Creditors have until the 28 July to vote on the proposals, with a virtual shareholders meeting scheduled for 29 July.If approved, the completion date of the CVA is 1 March, 2021.Ian Watson, CEO of Hotter, explains how these steps are necessary to ensure the long-term success and survival of the business.22 June 2020Shoe retailer, Hotter, prepare to launch a Company Voluntary Arrangement (CVA) as it looks to scale down rapidly, as part of a restructuring plan.Electra Private Equity, its parent company, said the management had been in discussion with its retail landlords to seek agreement to reduce the number of stores to a more viable level and cost. However, discussions had been unsuccessful in reaching the agreement needed to allow the retailer to continue.If the CVA process, which will be entered in the coming days, is approved and successful it will reduce its trading stores to 15, from its current 80.A formal consultation process has been launched with former employees of its Skelmersdale head office, informing them a number of redundancies is likely.‘’The need for these actions has been intensified by the consequences of the past three months of lockdown. If successful, the proposed CVA will result in fewer stores, which will secure the future of a smaller, sustainable business and will save over 350 jobs.’’ – Neil Johnson, Electra chairman.Just earlier this year, Claire Pearl was appointed as chief product officer, to give the business a more ‘’stylish and modern’’ feel, for its 60th anniversary this year. Before the pandemic hit, Hotter was doing well and progressing with accelerating its digitisation strategy to return to its direct marketing routes.

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Hotter Shoes in Administration Threat

Le Pain Quotidien enters administration with 250 jobs lost

Cafe chain, Le Pain Quotidien has fallen into administration, resulting in 250 jobs lost and nine of its ten stores shutting. For details of how an administration affects staff see this page on employees.Stores in Parsons Green, Monument, Royal Festival Hall (Southbank), South Kensington, Covent Garden, Mayfair, Hyde Park, Marylebone High Street and Oxford will be closing. The store to remain open will be that in St Pancras International station. This is the outlet owned by SPQ Holdings Limited, the sister company of Brunchco UK (the trading name of the chain in the UK).Kroll has been brought in to act as administrators.Prior to administration alternative options were explored, which involved a CVA and a sale of the business and its assets. Offers were recieved, but nothing possible to pursue.The Belgian chain has been struggling for some time, with first signs of trouble in the early months of the pandemic. Before the pandemic, 26 UK sites existed. The cost of living crisis and falling footfall in the city, where the majority of outlets are, has been blamed for its failure.Sarah Rayment, global co-head of restructuring at Kroll, said: 'Pressures on parts of the hospitality and casual dining sector have been well highlighted. Brunchco UK Limited which is predominantly located in London has suffered from reduced revenues as a result of decreased footfall in the capital, high rents and increased wage costs. As part of the next steps of the insolvency, we will be looking to realise value from the company's leasehold interests and other assets.'The international operations of the branch are not impacted.

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Le Pain Quotidien enters administration with 250 jobs lost

A landlord’s and tenant’s guide to commercial rent arrears recovery (CRAR)

For the better part of 250 years, landlords enjoyed the right to claim ‘distress’ for unpaid rent – meaning that they could seize (distrain) and sell their tenants’ goods to recoup the loss of earnings.The Rent Act 1977 stripped this right from residential landlords1, but commercial landlords continued to be able to exercise distraint until April 2014, when distress laws were replaced with the commercial rent arrears recovery (CRAR) process2, 3. So what exactly is CRAR? Like most archaic UK legislation, distress law was unnecessarily complicated and, many felt, rather unfair. The CRAR rules that supersede them are intended to be simpler and more balanced, with a greater focus on tenants’ rights than their predecessors.CRAR still allows a landlord to collect overdue rent without the need for a court order; however, it applies only to commercial tenancies, and the tenancy must be subject to a written lease. It can only be used to recover rent and any interest and/or VAT payable under the terms of the lease. Landlords: enacting the CRAR procedure Before claiming unpaid rent from a commercial tenant, you must remember the following:The arrears must be at least seven days’ worth or more at the time the notice is served and at the time of enforcement You do not have the right to seize your tenant’s goods yourself; they can only be seized by a certified enforcement agentOnce you have found an authorised enforcement agent, you will need to fill out a Warrant of Control form to enable them to begin enforcement action. The enforcement agent will then take over the process, issuing a seven day notice to your tenant in the first instance.If the rent remains unpaid at the time of enforcement, the agent will enter the property and take control of certain goods located thereon to be sold at public auction. Tenants: your rights under CRAR Firstly, you must remember that a notice of enforcement binds goods to remain on the property, meaning you cannot sell or remove them. You can, however, delay enforcement by applying to court for a delay of execution or a set aside.It is possible to enter a controlled goods agreement in order to repay what you owe over time. Under such an agreement, the goods will remain on the premises, but your landlord’s enforcement agent will be able to remove them if you default on your agreed repayments.If goods are taken, the enforcement agent must provide you with an inventory of everything seized as specified by section 33 of the Taking Control of Goods Regulations 2013.If your lease has expired, your landlord can only use the CRAR process if:the lease ended within the last six months; the lease did not end by forfeiture; the rent was owed by you at the time the lease ended; you still possess some of the goods formerly located on the premises; you occupy the goods under a commercial lease; and your old landlords was, at the time the lease ended, entitled to immediate reversionBeing unable to pay debts, such as commercial rent, when they become due is a warning sign of insolvency. If this described your company’s situation, it is highly recommended that you seek insolvency or turnaround advice from a professional firm.References1. Rent Act 1977, s 147(1)2. Tribunals, Courts and Enforcement Act 2007, s 713. The Taking Control of Goods Regulations 2013, SI 2013/1894

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A landlord’s and tenant’s guide to commercial rent arrears recovery (CRAR)

Farmison & Co bought out of administration by consortium led by ex-Asda boss Andy Clarke

in News Retail

Andy Clarke, who was the CEO of Asda from 2010 to 2016, has led a rescue group of investors to buy upmarket online butcher, Farmison & Co, which collapsed into administration earlier this month.Mr Clarke teamed up with branding experts Chilli Marketing and its former founder and managing director, Gareth Whittle, for the deal.The plan, ahead of the new ownership, is to restart trading in the coming weeks with production to be resumed at its North Yorkshire site in Ripon. The focus primarily is on bringing financial stability back.Mr Clarke, spoke on the matter: “As a retailer brought up on a farm in Yorkshire, I know how producers across the region appreciated Farmison’s commitment to the best producers who could provide the highest quality meat to customers. That’s why I’m very excited about Farmison’s prospects. We have an opportunity to scale this business and further develop both its direct-to-consumer and wholesale plans, building on the ethos and values of what Farmison stands for. Nevertheless, there is much work to do to get the business back on its feet and trading again – not least re-engaging with Farmison’s important network of farmers across the region and re-employing colleagues.”Administrators FRP Advisory said the deal – for an undisclosed sum – came after a number of “serious offers” were tabled for Farmison.Farmison was co-founded by John Pallagi and Lee Simmons in 2011, specialising in sustainable meat products from heritage and rare breeds. It sells online directly to consumers across the UK, and to retailers such as Harrods, Selfridges and Fortnum & Mason, as well as Michelin star restaurants.The group employed around 75 staff, most of whom were made redundant when FRP was appointed as administrator more than two weeks ago.Before its collapse, it was owned by private equity firm Inverleith, which also has a stake in Planet Organic – the supermarket chain that is also racing to secure a rescue deal after filing notice of intent to appoint administrators at the end of last month.

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Farmison & Co bought out of administration by consortium led by ex-Asda boss Andy Clarke

Administration for major UK wedding dress retailer, David’s Bridal

Just hours after its US owner filed for bankruptcy and David's Bridal UK has filed an intention to go into administration. Andy Pear and Milan Vuceljic of Moorfields Advisory have been put on standby to be  appointed as the administrators working on the case.Across the UK, David's Bridal has 100 employees across its four stores in Watford, London, Brimingham and Glasgow.The retailer, founded in America in 1950, has operated in the UK since 2013, specialising in wedding and occasion dresses and accessories - a name known for many to-be-brides!In a statement, David’s Bridal said: “David’s Bridal stores remain open, and the company intends to continue operating in the ordinary course, including by fulfilling all customer orders without disruption or delay.'' It said it “intends to continue exploring a sale of all or some of its assets”.This is not the first time the retailer has faced difficulty. In 2018 it had filed for bankruptcy. According to CEO of the American parent company, meaningful strides had been taken in recent years to meet customers needs and transform accordingly.“Our business continues to be challenged by the post-Covid environment and uncertain economic conditions, leading us to take this step to identify a buyer who can continue to operate our business going forward. We are determined to stay focused on our future, because we believe we have an important role in ensuring that every bride, no matter her budget, can have her perfect dress.”When analysing the recent history of the UK counterpart, it had warned of a “material uncertainty” about its ability to continue in its 2021 accounts, which were signed off by the board last December. This was because the US parent company had done a deal in November 2022 to create additional liquidity that was dependent on “continuing compliance” with the loan terms.The UK business’s most recent published accounts, for 2021, showed a £170,000 loss on revenues of £4.3m. It last recorded an annual profit in 2018.

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Administration for major UK wedding dress retailer, David’s Bridal

Oyster Bar and Lebowskis Goes Into Liquidation

in Company Liquidation News Retail

A hospitality group that owned several of Glasgow's most popular restaurants has gone into liquidationAfter being unable to pay its debts, Kained Holdings, which owns a number of venues in the Finnieston area, was wound up by the court.Wylie and Bissett have been appointed as liquidators, according to a notice of court order in a winding up.The group ran the Oyster Bar and Lebowskis, which were known for their White Russian cocktails in homage to the 1998 film The Big Lebowski; The Finnieston, which featured some of the world's best gins alongside ethically-sourced seafood; and Porter & Rye and Rogue, which were known for their steaks.

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Oyster Bar and Lebowskis Goes Into Liquidation

Wild Beer Co Goes Into Administration

11 January 2023Wild Beer Co has been rescued from administration in a deal with the Kent-based brewery, Curious.Curious agreed to add Wild Beer Co to its specialist portfolio of premium beers.The acquisition will double the size of the existing Curious operation, based at Ashford, which has a current production capacity of five million pints per year and potential to expand upwards of 15 million pints per year.The Grocer discuss further.8 December 2022After operating for ten years, the Somerset-based brewery that owns a bar in Bristol announced on Monday that it was closing.A statement posted on social media read: "It is with heavy hearts that we regret to inform you that as of today we have entered into a period of administration.''"We would like to thank each and every one of you for your support and love for our brand. It has been a wild ten years and we are heartbroken to be in this position. We could see the potential for Wild Beer and we had ambitions to increase sales and brand exposure. We must sadly report that the company has been facing a number of adverse trading conditions including; Covid, the loss of export sales, spiralling production costs, damaging inflation, and an increase in interest rates that have all affected sales.These factors along with the recent cost of living crisis have impacted the company's ability to succeed."One of the success stories of the craft beer revolution was the 2012 founding of Wild Beer Co.It previously operated a bar in Cheltenham, which closed down in 2019. The business attributed the closure to an increase in competition in the area.Undebt administrators are looking for a potential bidder to buy the company. The group's pub is still open for business as usual at Bristol's Wapping Wharf.

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Wild Beer Co Goes Into Administration

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