Powerhouse enters administration

Powerhouse enters administration

Powerhouse, which is in a CVA, has now entered administration

Smith & Williamson, who advised struggling electrical retailer Powerhouse
when it entered into a company voluntary arrangement (CVA), has been informed
that the company has now entered into administration.

Reports state that 800 Powerhouse staff had been sent home across the country
today upon entering administration.

A Smith & Williamson spokeswoman said the firm had been advised by BDO
Stoy Hayward that Powerhouse had entered administration, but further discussions
had not taken place to discuss its impact upon the CVA. However, a meeting was
imminent.

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