David Hargrave and
Michael
Jervis, administrators from
PricewaterhouseCoopers have sold majority
of the business and assets of Adams
Childrenswear to a newly formed company backed by retail entrepreneur, John
Shannon.
The deal means that 273 Adams’ stores across the UK will remain open,
securing the employment of over 3,200 employees.
Hargrave and Jervis were appointed as joint administrators on 1 February 2007
Operating from its base in Nuneaton, Adams is the largest specialist retailer of
children’s clothing in the UK with an annual turnover of £200m.
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