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  • Insolvency review - Week 42

     

    RCM Weekly review - October 2019 - Week 42

     

     This week: Women’s fashion retailer Bonmarché call in the administrators and Dragons Den star Peter Jones, planning to use a CVA to reduce costs to help secure the future of Jessops.

    18th October 2019

     Women’s fashion retailer Bonmarché call in the administrators

    Women’s fashion retailer Bonmarché call in the administrators

    Wakefield based Bonmarche has become the latest victim of the high street downturn as it collapses into administration. The womenswear retailer, which targets the overs 50s market, operates 318 stores nationwide, employing round 2,900 people. The directors placed the company into administration as the company was unable to meet its financial obligations. They cited "a sustained period of challenging trading conditions and cash flow pressure", as reasons for their action.

    The administrations said the stores would continue to trade whilst a buyer was sought. Tony Wright, joint administrator said, "There is every sign that we can continue trading while we market Bonmarche for sale and believe that there will be interest to take on the business."

    Read more here:
    https://www.bbc.co.uk/news/business-50094937



    16th October 2019

     Dragons Den star Peter Jones, planning to use a CVA to reduce costs to help secure the future of Jessops.

    Dragons Den star Peter Jones, planning to use a CVA to reduce costs to help secure the future of Jessops

    Owner of the camera chain Jessops, Peter Jones, is planning to call in administrations to help secure the future of the company. Since buying the chain from administrators in 2013 when it then collapsed with £81m of debt, revenues have increased in almost every year, however profits fell to less that £10k in the most recent year.

    Mr Jones is now reportedly planning to seek a rescue deal, by negotiating through a company voluntary agreement (CVA) with its landlords and financial backers. The CVA is expected to lead to store closures and rent cuts, but Mr Jones it said to still see a future in the business and would not say how many of the chain's 46 stores were at risk of closure.


    Read more here:
    https://www.retailgazette.co.uk/blog/2019/10/peter-jones-mulls-cva-jessops/


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    Award Seal Richard Cacho

    Richard Cacho Awarded No. 1 Insolvency Practitioner in Norfolk

    Richard Cacho award article