Landlords were given “very little choice” in the company voluntary
arrangement of Blacks Leisure according to the British Property Federation.
The administration process treated retailers differently which meant it was
not a “fair way of sharing the pain”.
On the eve of the first anniversary of the collapse of Woolworths, the
landlords involved in the outdoor clothing retailer, Blacks Leisure, agreed to
the CVA saving 4,000 jobs.
Liz Peace, chief executive of the British Property Federation, said: “We are
concerned that the favourable terms of the CVA do treat some retailers
differently from others. However, the landlords had very little choice in this
“It’s understandable that banks should look at things from an investment
perspective rather than from a retailing one, but what this means is that CVAs
will only be a way of maximizing someone’s investment rather than be a fair way
of sharing the pain,” she added.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children