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

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

6m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

6m Emma Smith, Managing Editor