Thu, 19 Jul 2012 | ADMINISTRATION
Ethel Austin, a retailer that has faced ongoing difficulties over the past few years, has entered administration.
The firm had been up for sale with Begbies Traynor appointed to assist with the process. However, the firm's owner, Ashloch, has now been forced to appoint Duff & Phelps to handle the official administration of the business as no buyer was found in time.
Duff & Phelps has stated that redundancies and store closures cannot be ruled out, meaning that around 500 jobs are at risk. But for now, the firm is continuing to trade the 48-strong chain while making a last ditch attempt to find a buyer.
Philip Duffy and Sarah Bell, joint administrators for Ethel Austin, noted that they are “urgently” reviewing the company's financial position after the company experienced a “marked downturn” in business during the recession.
The firm was founded in Liverpool in 1934 but has seen its place on the British high street threatened by the tough retail conditions and the growth of fierce competition from new budget chains, such as Primark and Matalan.
This marks the fourth time in as many years that Ethel Austin has entered administration.
This unique and renowned freehold bar and restaurant in the heart of York City Centre offers over 250 covers across its spacious interior, pavement seating, and a rare rooftop terrace.
FREEHOLD
A well established and strongly profitable engineering business, located in the Midlands. The company will be an attractive acquisition for both a larger trade buyer and also those looking for a stable engineering business.
This European pharmacy manufacturer specialises in providing custom clinical trial batches for leading pharmacy companies across the continent, playing a crucial role in their R&D efforts.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.