BusinessCompany NewsDolcis paid backers £900,000 before bankruptcy

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

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor