Leonard Curtis sells furniture stores in pre-pack
Walmsley has called in Leonard Curtis administrators Paul Masters and Alan Clifton for quick sale of the company's assets
FURNITURE RETAILER Walmsley has called in administrators from Leonard Curtis to conduct a pre-packaged administration.
Paul Masters and Alan Clifton from Leonard Curtis were appointed joint administrators to Unibrook, trading as Walmsley, and sold 25 stores on appointment.
It is expected the remaining 35 stores will shut, although the administrators have not yet released information on the number of staff likely to be made redundant.
A pre-pack involves the administrators marketing and arranging the sale of a business prior to it entering an insolvency process. The company or assets are then sold immediately on appointment.
A Walmsley’s spokesman said: “A sale was completed immediately following the appointment to an unconnected company. The sale included all the stock of the business and the buyer has taken over 25 of the stores.”