Marchpole out of fashion as administrators called in
12 Nov 2008, Kevin Reed, AccountancyAge
http://www.accountancyage.com/aa/news/1773498/marchpole-fashion-administrators-called
Luxury fashion group Marchpole has entered administrative receivership.
Martin Ellis and Andrew Hosking of Grant Thornton were appointed administrative receivers to the group, which had its shares suspended from the markets on 4 November.
It posted pre tax losses of £5.4m for the year end April 2008, after revenues halved to £44.7m from £90.5m a year earlier.
The drop in revenues was caused by the company not being able to fill the gap from a lost contract with Yves Saint Laurent in 2007.
'Losses have continued into the current period and the Group has severely strained its cash resources,' said Ellis.
The administrators are seeking purchasers of the operating companies as trading businesses.
Marchpole currently employs 130 staff.
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Visitor comments
Distinctions
I really wish you would not inter-merge the terms "administrators" and "receivers". They are two different types of appointment and they have two different agendas. An "Administrative Receiver" would normally act on behalf of the secured lender with an aim to get maximum realisations for them. An "Administrator"'s duties are to act on behalf of all creditors. Please look this up. Many thanks
Posted by: Matt Williams , 14 Nov 2008 | 00:00