United Carpets (Northern) Limited
United Carpets is one of the country’s leading retailers of carpets and flooring solutions. Its main subsidiary is United Carpets (Northern) Limited, which operates 72 shops across the UK.
The Problem
Experts from the Preston office of Real Business Rescue (part of the Begbies Traynor Group) were approached due to concerns over a number of loss-making branches. United Carpets were also involved in disputes with their landlords who were unwilling to enter into discussions over their rental agreements.
The Solution
Insolvency Practitioners from the Preston branch of Real Business Rescue were appointed joint administrators of United Carpets (Northern) and looked to secure a sale. Parent company, United Carpets Group, was approached to make an offer to buy its subsidiary out of administration.
The Result
Real Business Rescue helped to facilitate the sale of the business and its assets to United Carpets Group which saved 73 stores, the head office site and its two warehouse locations in Doncaster and Derbyshire.
“ The administration was a consequence of the challenging economic climate, but also the long-term lease commitments to the landlords of the stores. Attempts were made by the company to renegotiate lease terms, however, these proved unsuccessful. The administration of the company became inevitable. The subsequent sale was a positive result and has safeguarded the jobs of those working for the company. ”Keith Tully, Partner
In the Press
Free Guide for Limited Company Directors
Business Rescue Advice for Directors
- How to manage company cash flow problems
- Advice on dealing with HMRC
- Understanding rescue and closure options
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Business Rescue Guide for Accountants
Dealing with your Insolvent Clients
- Helping you advise insolvent clients
- Spotting signs of client distress
- Exploring business rescue options
- And much more...
