Two major high street chains entered administration and then were imediately
sold to new owners.
Long-standing tea and coffee cup business Whittard and clothing retailer The
Officers Club found new owners immediately after entering administration, in
what is known as a ‘pre-pack’ arrangement.
Administrators from Ernst & Young sold Whittard to private equity firm
Epic, with no loss of jobs currently planned from the 130 strong store chain.
PricewaterhouseCoopers administrators sold 118 of the 150 Officers Club
stores to current chief executive David Charlton. The other stores have been
Pre-packs occur when a deal is agreed prior to entering administration to
sell the business as soon as it enters the insolvency proceeding.
The process can clear some of the debts for the new owner, and can be
controversial as creditors question whether the best deal has been struck for
Mark McMullen joins the private client services team from Smith & Williamson
Three new partners and seven business restructuring advisers have been appointed to the new Preston office
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks