BusinessBusiness RecoveryE&Y looks for budget chain buyers

E&Y looks for budget chain buyers

Administrators from Ernst & Young are looking for buyers for budget retail chains, What Everyone Wants and Famous Brunswick Warehouse, which both collapsed yesterday.

Link: For other business recovery news

The chains were formerly part of the Brown & Jackson stable, who bought them for a token amount of £1 in September this year, but were later ditched after B&J fell into the red.

Yesterday they were put into administration by major shareholder Tradegro, Brown and Jackson.

What Everyone Wants is based in Glasgow and recorded turnover of £95m from 130 across the UK in 2001. It employs 2,500 people.

Joint administrator Tom Burton said the business had come under ‘mounting pressure from tight margins and heavy competition in the discount retail sector’. But he said he was looking to sell the company as a going concern and would keep the stores trading.

Gary Wilson, the joint administrator at Famous Brunswick Warehouse, said he had already been contacted by prospective buyers for the 67-strong footwear chain, which operates in North England and Scotland, employs 740 people and last year did turnover of £34m.

He also blamed tight margins and increased competition for the decline at FBW.

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

1w Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

1w Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

4w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor