After an initial review the decision to close or sell off some of the chain’s stores and cut back the workforce was made in the hope that the company can still be sold as a going concern.
Bruce Cartwright, PwC partner, said: ‘We remain of the opinion that there is a substantial core business with an established brand and reputation.’
The 60 employees will leave with immediate effect. But, if the administrators cannot find a buyer for five of the seven stores tagged for closure or sale, a further 68 employees face redundancy next month.
Cartwright added: ‘In the event that it is not feasible to sell these five shops then they will be closed by early February with a further 68 employees based at these shops facing redundancy.’
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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