A Yorkshire-based value clothing company was sold by our team after the long established chain fell victim to the retail sector downturn. Moving quickly, they secured a buyer three days after appointment. HMRC had issued a winding up petition but liquidation would not be the best outcome, halting trade, losing goodwill and increasing preferential creditors through significant redundancies.
Administration enhanced goodwill, ensured customer continuity and retaining most staff.
This prompt ‘going concern’ sale allowed 49 stores in leasehold premises to go on trading, protecting over 240 jobs and minimising creditor claims.
20th February 2017 Small companies throughout London are worried about the prospect of seeing significant rises in business rates increase their overheads.
15th February 2017 The growth of what has become known as the gig economy is costing HMRC in the region of £75 million in lost tax revenues every week, it has been claimed.
14th February 2017 Growth in the UK economy will slow down considerably over the course of this year and next, according to the European Commission.
14th February 2017 The Co-operative Bank has been put up for sale in its entirety four years after it came perilously close to collapse before being acquired by US hedge funds.
9th February 2017 Notably strong consumer spending helped to keep the UK economy on track in recent months despite the ongoing uncertainty surrounding the country’s exit from the European Union.
Every day we help companies just like yours turn things around against seemingly impossible odds, regardless of your situation we can help. Find your nearest office today.