E&Y lined up as Whittard close to brink
High Street retailer Whittard of Chelsea has lined up potential administrators as it nears the brink
After struggling with poor sales,
Whittard of Chelsea,
the 120-year-old high street tea and coffee retailer, has called in Ernst &
Young (E&Y) to potentially appoint administrators.
According to the
Press Association a source said Whittard was still trading and had not filed
for administration yet – ‘it’s still talking to potential buyers’.
‘Ernst and Young have been appointed as administrators though should it go
into administration,’ the source is quoted saying. ‘Whittard is struggling at
the moment just like everyone else.’
Whittard, originally founded in 1886, which has 135 stores across the UK, was
bought by Icelandic investment company Baugur in 2005 for an estimated £21m.