The clothes retailer was bought by Hilco UK Limited on 12 September, and then placed into the hands of administrators from Kroll five days later, as the ‘first step’ in a strategy to save the company.
Over three-quarters (84%) of creditors have agreed to the company voluntary arrangement, which sees Hilco pay a further £1.45m into the company.
The deal should see 30p in the pound rescued for unsecured creditors.
Kroll partner Andrew Pepper is delighted with the deal: ‘Trident was the first major company to be placed in administration under the new Enterprise Act, and the achievement of such a swift CVA is testament to the new light in which administration is being viewed – as a positive force for recovery.’
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