PracticeAccounting FirmsKPMG administrators appointed to Trod Limited

KPMG administrators appointed to Trod Limited

The Big Four firm has vowed to co-operate with the FBI and any other “relevant authorities with regards to any requests they make”

KPMG’s restructuring arm has been appointed as administrator to troubled online toy retailer Trod Limited, whose owner Daniel William Aston, is facing possible extradition to America over alleged price fixing on Amazon following an FBI raid on his home and business.

Chris Pole and Allan Graham have been named joint administrators to the retailer which trades under the names of Buy 4 Less, Buy For Less, Buy-For-Less-Online, 247 Toys and Global Trader.

A spokesman for KPMG said the administrators had “sought legal advice, and indeed will continue to do so, regarding the ongoing investigations and the implications to the administration”. This includes “seeking advice on how any potential fine/liability would rank”.

The Big Four firm said it will co-operate with the FBI and any other “relevant authorities with regards to any requests they make”.

The Birmingham-based business sells branded toys through multiple online market-places along with its own websites and employs around 60 staff from its base in Rednal, Birmingham.

So far there have been no redundancies.

According to the Daily Mail, prosecutors allege that Aston and his co-conspirators “agreed to adopt specific pricing algorithms for certain posters to try to make sure they were sold online at the same price and to coordinate any price changes”.

Commenting on the appointment, Chris Pole, director at KPMG and Joint Administrator, said: “The company has experienced significant trading difficulties over a number of years, incurring losses which have ultimately proved to be unsustainable.

“We will be trading the business as a going concern while we seek a buyer for the business and its assets. We would advise any interested parties to contact the joint administrators as soon as possible to express their interest.”

 

 

 

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