PwC takes over at high-street retailer
High-street electric goods retailer Tempo and its holding company, KF Group, have gone into voluntarily administration following cashflow problems.
The Surrey-based company appointed PricewaterhouseCoopers as administrator, following the presentation of a petition to the High Court in London which was supported by the group’s bankers.
PwC officially took over the running of the business last Monday.
Tempo stores, which currently employ 800 staff in 37 retail outlets and has major distribution and service centres in Hemel Hempstead and North London, will trade as normal until further notice.
Neville Kahn, at PwC in London, said: ‘Tempo operates in a highly competitive end of the electrical retail market, which has recently seen the need for consolidation. By obtaining an administration order, the group has been given a breathing space which will enable it to trade through the critical Christmas and new year trading period.
‘We intend to keep all stores open while seeking a buyer for the whole or part of the business.’
Links