Vergo Retail administrators hold sale to fund business

by Rachael Singh

More from this author

27 May 2010

  • Comments

MCR, administrators to Vergo Retail, announced they are commencing closing down sales in the remaining 18 stores. However, they are continuing negotiations with potential purchasers.

“Discussions are ongoing with a number of different parties wishing to acquire part or all of the business. This process is being run in parallel with a discount sale in order to generate sufficient cash to fund the business in the short term," said Sarah Bell, partner at MCR and one of the joint administrators.

"Unless a purchaser can be found for the whole business, further store closures during the coming weeks cannot be ruled out,” she added.

Bell and Steven Muncaster were appointed administrators to the department store business on 7 May 2010.

So far approximately 340 people have been made redundant at the clothing retailer which had around 942 employees.

Vergo, based in Liverpool, was established in 2007 and operates approximately 19 department stores including Lewis's in Liverpool, Robbs in Hexam and Derrys in Plymouth.

Further reading:

MCR administrators make 335 redundancies at Vergo Retail

MCR appointed administrators to Vergo Retail

MCR administrators close Ethel Austin

Visitor comments

blog comments powered by Disqus

Add your comment

We won't publish your address

By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

  • Send

Charterhouse Accountants

Finance Officer

Charterhouse Accountants, Beaconsfield, Permanent, Full Time, £ Competitive




Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials


Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you



Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.


iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.