Dolcis paid backers £900,000 before bankruptcy
Administrator KPMG is now trying to find a buyer for Dolcis' remaining 35 stores
Just weeks before it was plunged into administration, beleaguered shoe chain
Dolcis had to pay it’s £900,000 loan back to its private equity backer.
Documents filed at Companies House just five days before the administration
was announced, reveal that a charge held by Epic Private Equity had been
satisfied in full.
Sources close to the company reveal the loan was paid back in December.
The chain also repaid a £1.5m loan to Lloyds TSB, the
Telegraph
reported.
Administrator KPMG is now trying to find a buyer for the company’s remaining
35 stores following closure to 32 stores and redundancies of about 600 staff.
In January 2007, Dolcis sales fell to £62.2m – down from the previous year’s
£67.3m. Pre-tax loss increased from £2m to £5.9m over the same period.
Further reading:
Dolcis goes into administration-who’s next?
KPMG hired as administrator for Dolcis
KPMG called in to review Dolcis options