Deloitte administrators close 17 Paul Simon stores

by Rachael Singh

More from this author

08 Apr 2014

  • Comments
Lee Manning

DELOITTE ADMINISTRATORS are to close several stores at the online and outlet retailers Paul Simon after widespread flooding left the business with cashflow issues.

Lee Manning (pictured) and Nick Edwards, partners at Deloitte, were appointed joint administrators on 2 April but said they would continue to trade the home furnishings retailer, while seeking a buyer. Headquartered in Barking, Paul Simon operates about 50 stores with an online business and employs about 550 staff.

On appointment Manning said that the widespread flooding restricted customer access to several stores which made "an element of the store portfolio" unprofitable - leading to cashflow deficiencies.

The administrators announced that they are to close 17 of the 50 outlet stores in the next three weeks. There are 137 members of staff employed at these stores, although these related redundancies will be announced in three weeks. However, 28 staff have been made redundant in the company's head-office, warehouse and factory.

Lee Manning, joint administrator, said: "As part of the review of Paul Simon's financial position, we have analysed the store portfolio and identified 17 loss making stores for closure. This step has been taken to enhance the prospect of securing a sale of all or part of the remaining business as a going concern.

The stores that are due to close are: Aylesbury, Banbury, Bedford, Bournemouth, Daventry, Dunstable, Gillingham, Great Yarmouth, Luton, Margate, Portsmouth, Reading, Sittingbourne, Strood, Wimbledon, Worcester, and Worthing. 

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.