Alexandra plc collapses- PwC called in
Administrators from PwC at the helm of clothing supplier which employs 484 staff in the UK
Partners from PwC have been appointed as administrators of Alexandra plc, the
clothing supplier to the travel, hospitality, healthcare, industrial and retail
industries.
Rob Lewis, Rob Hunt and Derek Howell took over on 12 July 2010.
The company, based in Thornbury South Gloucestershire, and directly employs
484 people at locations including Thornbury, Bristol, Swindon, Langley,
Edinburgh and Uddingston, near Glasgow.
Alexandra’s directors filed for administration, following its announcement
last week that the company did not have enough funding to continue trading.
Alexandra’s directors had looked for investors, but talks with a number of
parties were unsuccesful.
“Following the public announcement that the fund raising had been abandoned,
pressures on the company’s working capital requirements meant that the company
could not continue to trade without the protection of an insolvency process,”
PwC said.
The joint administrators are seeking to sell the business as a going concern,
and the administrators are in discussions with a number of interested parties,
PwC added.
The company’s subsidiaries are not currently subject to insolvency
procedures, although their affairs are being reviewed by the administrators. The
subsidiaries employ 174 full time equivalent staff in Morocco, seven in the UK,
eight in Southern Ireland and eight in Holland.
Further reading:
Scotland’s
biggest airline calls in PwC administrators