KPMG administrators called to Montgomery Tomlinson

by Rachael Singh

More from this author

21 Aug 2013

  • Comments
kpmg reception

KPMG ADMINISTRATORS have been called to custom curtain and accessories retailer Montgomery Tomlinson.

Upon appointment the administrators ceased trading and made all 530 employees redundant. The company entered administration after directors were unable to secure a buyer for the business.

Will Wright, Paul Flint and Brian Green, from KPMG, were appointed joint administrators of Montgomery Tomlinson.

The redundancies include 384 staff at concessions in department stores such as Debenhams and House of Fraser as well as those in the head office, stores, factory and warehouse facility. Salaries for August will not be paid due to insufficient funds.

On appointment they ceased trading and 530 employees across 123 department stores, retail concessions, factory and warehouse facility were made redundant. Salaries for August will not be paid due to insufficient funds.

Wright, said: "Despite the tireless efforts of the directors to secure a sale of, or investment in the business over the last four weeks, it has been impossible to find a workable solution to enable the company to continue to trade and they have made the difficult decision to appoint administrators.

"As a result of an increasingly competitive marketplace, a fall in sales left Montgomery Tomlinson critically short of cash and unable to meet its liabilities."

Visitor comments

blog comments powered by Disqus
display:none

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

Submit
  • Send
HM Revenue & Customs

Head Of Financial Control

HM Revenue & Customs, Telford, Full Time, Permanent/p>

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

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

budget-management

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.

cchcover

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.