Administrators from KPMG Restructuring have been called in at the UK division
of fashion brand, Morgan which has been forced to close 19 stand-alone stores
and 47 department store concessions.
KPMG’s David Crawshaw and Myles Halley were today appointed administrators at
Morgan UK after the withdrawal by Morgan SA, of its distribution agreement in
Crawshaw said: ‘Morgan has suffered from difficult trading conditions on the
high street. Trading for the first six months of the financial year to June has
been poor with like-for-like sales down 19.1% to £11.8 million.’
He said that because of this and subsequent losses, the company faced an
increased funding requirement to pay wages, landlords and creditors.
Crashaw said KPMG was forced to wind down the business with approximately 600
staff made redundant.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children