BusinessCorporate FinanceKPMG to take administrator’s seat at Courts

KPMG to take administrator's seat at Courts

KPMG is set to take over at Courts after the furniture chain failed to renegotiate loans with its lenders.

Link: PKF in bid to rescue Auctionworld

Courts has racked up debts of £280m, and was desperate for immediate additional funding, which bankers – including Barclays and Royal Bank of Scotland – were unwilling to provide.

KPMG said: ‘We can confirm we are advising banking groups of Courts Plc & UK. We hope to be in a position very soon to make a statement, but at the moment we are not officially appointed.’

If it is appointed, the firm will face the challenge of saving a business with 1,400 UK employees. Its shares, suspended yesterday at 13.5p, had been trading at 300p as recently as April, before a series of profit warnings hit investor confidence.

Related Articles

Grant Thornton recruits new corporate finance partner

Accounting Firms Grant Thornton recruits new corporate finance partner

10m Emma Smith, Managing Editor
Total fraud value at £2bn five-year high, finds BDO

Accounting Firms Total fraud value at £2bn five-year high, finds BDO

11m Stephanie Wix, Writer
MHA MacIntyre Hudson appoints corporate finance director

Accounting Firms MHA MacIntyre Hudson appoints corporate finance director

11m Stephanie Wix, Writer
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
KPMG announces senior partner promotion in Newcastle

Accounting Firms KPMG announces senior partner promotion in Newcastle

11m Stephanie Wix, Writer
Independent city firm reports 70% growth

Accounting Firms Independent city firm reports 70% growth

11m Stephanie Wix, Writer
Tax avoidance crackdown sees 80% jump in additional HMRC revenue

Accounting Firms Tax avoidance crackdown sees 80% jump in additional HMRC revenue

11m Stephanie Wix, Writer
Making Tax Digital: the "unexpected item in the bagging area"

Accounting Standards Making Tax Digital: the "unexpected item in the bagging area"

11m Stephanie Wix, Writer