PwC finds buyer for Adams Childrenswear

PricewaterhouseCoopers administrators have saved nearly 2,000 jobs at Adams
after the high street childrenswear retailer was sold back to John Shanon, its
former owner.

The sale preserves 1,900 jobs throughout the UK and Ireland in over 120
retail outlets and means the Adams brand will continue on the high street.

The deal between PwC and Shannon’s newly formed company, JS Childrenswear,
comes just six weeks after the Big Four firm was called in as administrator to
the ailing retailer.

Since becoming administrator PwC has closed 147 stores and shed more than
1,100 jobs, but has eschewed a ‘pre-pack’ administration designed to find a
quick buyer.

Rob Hunt, joint administrator and partner at PricewaterhouseCoopers said:
‘The new company will continue to trade under the Adams name, meaning this brand
will not be one of the retail names disappearing from the high street in the
current recession.’

‘The sale was one of a number of expressions of interest and represented the
best deal for all stakeholders. This transaction also demonstrates that with the
right business model, retailers can be rescued from administration in the
current economic climate.’

Shannon originally bought Adams out of administration in 2007.

Nuneaton-based Adams is the largest independent childrenswear retailer in the
UK, with an annual turnover of £150m

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