BusinessBusiness RecoveryDeloitte administrators sell furnishing stores

Deloitte administrators sell furnishing stores

Lee Manning and Nick Edwards sell seven Paul Simon stores to Home Retail - but a 30 stores await a buyer

Deloitte administrators sell furnishing stores

ADMINISTRATORS to home furnishings retailer Paul Simon have managed to save a large tranche of the business through a sale.

Deloitte partners Lee Manning and Nick Edwards, the joint administrators, sold seven stores to Lewis’ Home Retail, saving 73 jobs. However, a further eight stores were shut at the loss of 59 jobs. Five other stores were closed in April.

A further 30 stores remain trading by the administrators while a buyer is sought.

Manning said: “We are pleased to have some good news during the administration of Paul Simon. However, this is not a sale of the brand and we will see further clearance sales at the closing stores. This market remains challenging, especially for out of town retailers, and the increasing importance of online sales caused an erosion of margins.”

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