Officers Club sold in pre-pack by GT administrators
Grant Thornton administrators Joe McLean and Les Ross arrange second pre-pack sale in three years for men's fashion retailer Officers Club.
Grant Thornton administrators Joe McLean and Les Ross arrange second pre-pack sale in three years for men's fashion retailer Officers Club.
GRANT THORNTON ADMINISTRATORS have sold clothing retailer Officers Club in a pre-pack administration to clothing retailer Blue Inc.
Joe McLean and Les Ross, both partners at Grant Thornton, were appointed joint administrators. Today’s sale includes 46 of the 102 stores and 400 of the 900 staff will transfer to the new owners. The other staff members have been made redundant and stores closed.
The men’s fashion retailer entered into the same insolvency process less than three years ago.
It was sold by PwC administrators through a pre-pack administration at the end of 2008. The Officers Club’s then chief executive David Charlton bought the business through a pre-pack insolvency process, closing 32 stores.
McLean said: “The company experienced particularly challenging trading conditions in 2010 with raw material costs rising significantly. It was not possible to pass these increases on to customers given the extremely price sensitive nature of the UK retail arena.
“The directors did not see any improvement forthcoming in the early months of 2011 and, mindful of their legal responsibilities, concluded reluctantly that administration was in the best interests of the company’s creditors and other stakeholders.”
A pre-pack administration involves the insolvency practitioner marketing the business for sale prior to it entering into a formal insolvency process. It is sold the same day it enters administration.
More about:
The numbers you crunch tell a story. Your expertis...
13yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn 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 resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articlePixel Projects Limited (Pixel) has been sold by SFP, which has saved the positions of all 34 employees Read More...
View articleSteve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies Read Mo...
View articleBegbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restora...
View articleSmith & Williamson has been appointed administrators of charity 4Children Read More...
View articleCowgill Holloway Business Recovery has concluded the sale of assets of film distributor Metrodome to independent movie distributor 101 Films following...
View articleFRP Advisory sells business and assets of Harland Machine Systems Limited to Accraply Europe Limited Read More...
View articleManufacturer DMG Steelworkers has been sold out of administration in a pre-pack deal by insolvency and restructuring firm CVR Global Read More...
View articleLee De’ath and Richard Toone, partners at CVR Global, were appointed joint-administrators of Lexden Centre (Oxford) Limited, trading as Colchester Eng...
View article