Recovery experts from Ernst & Young have been called into discuss future
options for music chain Fopp, following reports that the company is on the verge
Fopp, which sprung out of a single market
stall in Glasgow, is believed to be trading on a cash-only basis, and been doing
so for more than a week, while its online sales have also fallen.
Reports suggest company bankers,
Bank of Scotland, may
withdraw its services.
Last weekend Fopp denied it was in administration, claiming it was in
‘genuine and lengthy negotiation’ with the bank.
But last week it closed its entire chain of 50 high street stores including
its flagship shop on London’s Tottenham Court Road for a day of ‘stocktaking’.
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