W Yeomans (Chesterfield) Ltd, the independent outdoor clothing and equipment retailers with 84 stores and 435 employees has been sold in a pre-pack deal. The business started as a shop in Chesterfield but expanded around the country and had outdoor stores in garden centres.
The company's assets and employees were transferred to Yeomans Outdoor Ltd.
The deal was brokered with Gareth Rusling and Chris White of The P&A Partnership who were appointed administrators of the retail chain on 16 May 2012.
"In these challenging times for the retail sector we are pleased to have been able to save such an established brand and to safeguard jobs," White said.
A pre pack administration will most likely have been undertaken as there was a waiting buyer and there was an immediate threat to the likely ability of the business to trade.
Pre packs are an effective way of rescuing a company but have attracted controversy as unsecured creditors usually lose out and can feel they have been "stitched up". Read our article on Pre packs and CVAs on accountingweb.co.uk
Categories: Pre Pack Administration Process and Procedures