BusinessBusiness RecoveryMCR administrators sell store at Vergo Retail

MCR administrators sell store at Vergo Retail

Administrators confirm that Robbs in Hexam along will all its intellectual property, staff and store has been sold to J E Beale

MCR administrators for department store business Vergo Retail Limited have
announced the sale of one the 18 department stores.

Robbs, in Hexham, has been sold to rival J E Beale, which owns 11 other
department stores in Bournemouth, and is expected to save all jobs.

Sarah Bell, partner at MCR and one of the administrators, said: “Following an
effective administration process, we are delighted to confirm the sale of such
an iconic store in the region. It’s positive news for both the 76 company
employees whose jobs will be directly transferred to the new owners as well as
the local community.”

Steven Muncaster and Bell were appointed as joint administrators on 7 May
2010.

The administrators announced at the end of May that they had begun closing
down sales at all the stores in the portfolio whilst continuing sale
discussions.

If purchasers for the remaining 17 stores are not found, an announcement
confirming the final days of trading will be made later this month.

Further reading:

Vergo
Retail administrators hold sale to fund business

MCR
administrators make 335 redundancies at Vergo Retail

MCR
appointed administrators to Vergo Retail

Magazine
distributor MMC calls in MCR administrators

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