MCR appointed administrators to Vergo Retail
Department store operator files for administration to sell business as going concern
Department store operator files for administration to sell business as going concern
Administrators from MCR have been called in at department store business
Vergo Retail.
Sarah Bell and Steven Muncaster, partners at MCR are appointed joint
administrators, and confirmed the company will continue to trade as normal while
its position is reviewed and a buyer sought.
“Unfortunately the company has endured periods of financial loss. It has made
efforts following the recently announced closure of the Lewis’s store in
Liverpool, to seek new finance to restructure the business but has been
unsuccessful in finding a going concern solution. Like many retailers, it has
experienced a difficult trading environment during the economic downturn,” said
Bell.
Vergo was established in 2007 and is based in Liverpool with a staff base of
942. It operates approximately 19 department stores including Lewis’s in
Liverpool, Robbs in Hexam and Derrys in Plymouth.
Further reading:
Stockport
County FC getting closer to sale goal
Deloitte
adminstrators sell on northern off licences
MCR
administrators close Ethel Austin
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourcePartner Michaela Hall and insolvency practitioner Christopher Purkiss of Kingston Smith & Partners have been appointed as trustees to the bankruptcy e...
View articleA short moratorium will give struggling companies a chance to be open with their creditors and negotiate a way out of their problems transparently, sa...
View articleApplications will now be assessed by a government adjudicator rather than a judge Read More...
View articleA secondary school student in Barcelona, spotted discrepancies in Abengoa accounts - apparently overlooked by auditors Deloitte Read More...
View articleScotland's insolvency service secures 66 month Bankruptcy Restrictions Order against Malcolm Scott Read More...
View articleBusiness environment for insolvency practitioners worsens with fewer company and personal insolvencies between April and June, official figures show R...
View articleTotal company and personal insolvencies hit new lows, but practitioners believe levels could rise over the next two years Read More...
View articleInsolvency Service figures show bankruptcy orders reach lowest level since 1999 Read More...
View article