According to Tony Thompson – one of the two receivers from KPMG appointed by Yardley’s bankers – there is a band of ‘usual suspects’ that claim they are ‘interested parties’ whenever the firm takes on an appointment, but never bid.
‘There has been a quite remarkable level of interest,’ he said, ‘but we are not talking to everyone. We first have to round up the usual suspects – the groups that offer to buy everything we take on.’
Last year, Yardley attempted to move away from its old lace and lavender image, when it swapped English rose Helena Bonham Carter (above) for supermodel Linda Evangelista, but the move failed to increase annual sales of #60m.
Instead, debts mounted to #120m, leading to an annual interest bill of #12m.
Thompson said it was unlikely Revlon, LVMH or any of the other suitors would present a knock-out bid. ‘It will be at least a couple of weeks before we get close to a deal.’
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.