ADMINISTRATORS to home furnishings retailer Paul Simon have managed to save a large tranche of the business through a sale.
Deloitte partners Lee Manning and Nick Edwards, the joint administrators, sold seven stores to Lewis’ Home Retail, saving 73 jobs. However, a further eight stores were shut at the loss of 59 jobs. Five other stores were closed in April.
A further 30 stores remain trading by the administrators while a buyer is sought.
Manning said: “We are pleased to have some good news during the administration of Paul Simon. However, this is not a sale of the brand and we will see further clearance sales at the closing stores. This market remains challenging, especially for out of town retailers, and the increasing importance of online sales caused an erosion of margins.”
Manufacturer DMG Steelworkers has been sold out of administration in a pre-pack deal by insolvency and restructuring firm CVR Global
By threatening creditor returns, the government could undermine the UK’s World Bank insolvency ranking and cost creditors £8m a year, trade body R3 warms
Lee De’ath and Richard Toone, partners at CVR Global, were appointed joint-administrators of Lexden Centre (Oxford) Limited, trading as Colchester English Study Centre (CESC), on 29 June 2016
Peter Saville, Ryan Grant and Anne O’Keefe of AlixPartners will now become the supervisors of the CVA and monitor the implementation of the proposal