Tue, 03 Jul 2012 | ADMINISTRATION
Health food retailer Julian Graves has appointed administrators from Deloitte to take stock of its financial position.
The business is keen to avoid job losses where possible, but it is feared that several hundred employees could lose their positions at the business, which is the sister company of Holland & Barrett.
Chris Farringdon, joint administrator from Deloitte, commented: “The first priority of the joint administrators is to assess the financial position of the company and consider the options available.
“It is the joint administrators’ intention, therefore, to continue to trade the business whilst these options are explored. Accordingly, no redundancies are currently proposed and all employees’ wages will be met and paid as normal.”
The administration of the business has not come as a huge surprise to those in the industry as the sector has seen competition mount over the past few years. Other health food stores have opened, while supermarkets have expanded their own ranges and online businesses, such as Amazon, have been able to offer a wider range of supplements.
Jonathan De Mello, head of retail consultancy CBRE, told the Retail Gazette that there are all sorts of new competitors “muscling in on what was traditionally a space occupied by Julian Graves and a handful of others”.
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