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
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
Smith & Williamson has been appointed administrators of charity 4Children