|
|
09 Jan 2012
KPMG ADMINISTRATORS have sold Blacks Leisure to JD Sports as part of a pre-pack administration.
Brian Green, Richard Fleming and David Costley-Wood of KPMG were appointed joint administrators to Blacks Leisure today.
Further reading
On appointment they sold the business to former competitor JD Sports which acquired all assets including, 302 stores operating under Blacks and Millets brands and 3,500 staff. There has been no redundancies.
A pre-pack administration entails the whole or part of a sale arranged prior to a business entering an insolvency process and sold immediately on appointment of administrators.
Fleming, partner and UK head of restructuring at KPMG, said: "Today's sale allows the continued trading of all the shops. A sale via ‘pre-pack' administration was required to rescue as much of the business as possible.
"Blacks has struggled, in tough economic conditions, to generate enough cash to service its high overhead costs. However, Blacks has a strong brand and accordingly generated a huge amount of buyer interest from some of the best known entrepreneurs and competitors in the market."
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
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
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment