A 30-year old discount book chain has entered into administration.
Joint administrator, Tom MacLennan, MD of Tenon in Scotland and head of
corporate recovery, will continue to trade the business while searching for a
‘While competition from the internet and supermarkets has triggered the
administration, a turnover of £30m clearly indicates that there is strong demand
for discount stores on the high street,’ said MacLennan.
Eight stores have closed immediately with the loss of 44 jobs, a further 21
redundancies will follow along with another four store closures.
The company employed 397 staff.
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