BusinessCompany NewsKPMG secures deal for Courts

KPMG secures deal for Courts

The joint KPMG administrators to the troubled furniture chain Courts, Mick McLoughlin and Chris Laverty, have struck a deal with SB Capital to trade all of Courts' 88 stores for an undisclosed sum.

Link: KPMG set to announce Courts’ bids

Of the total stores, 14, representing 20% of the retail turnover, will be sold to SB Capital, an investor in Furnitureland and Land of Leather.

The remaining stores will be closed in a phased wind-down programme to be completed by 20 February.

KPMG will most likely try to sell the properties to retailers, venture capitalist and property developers.

Mick McLoughlin, joint administrator and Head of KPMG Corporate Recovery said: ‘In the circumstances, this is the best result we could have achieved for the customers.

‘Some 4,000 people who have paid in full for furniture that is at the stores or warehouse will have the furniture delivered. All of the remaining customers who have made payments in full will receive their original order where possible.’

McLoughlin said the stores will be opening on Thursday 16 December, and further details on how customers should proceed will be notified to local press and radio.

The appointment of administrators over Courts Plc and Courts (UK) Limited will not affect any of Courts’ overseas operations. These have separate boards, management, suppliers and funding, and are continuing to trade as normal.

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