Tue, 06 Nov 2018 | ADMINISTRATION
Yorkshire-based butcher chain Crawshaw has fallen into administration, closing its distribution centre in Astley and two-thirds of its stores.
The business appointed Ernst & Young as administrators on Friday.
Founded in 1954, Crawshaw was hit by rising rents, higher business rates and reduced consumer confidence with the lead up to Brexit. Pressure from discount chains like Aldi and Lidl was also said to contribute to the company’s financial struggles.
The company’s original portfolio consisted of 42 high street shops and 12 factory outlets across the Midlands and north of England. The company continues to trade in 19 outlets, of which nine are factory stores. It also continues to trial three butcher counters in Spar stores.
A statement from the company said: “The joint administrators have offered the group’s business and assets for sale and have entered into discussions with interested parties with a view to agreeing a sale over the coming weeks.”
The largest shareholding of the company is held by Ranjit Singh Boparan, also known as the ‘Chicken King’ due to his status as the largest poultry supplier to UK supermarkets.
In its interim results in September, the firm provided a forecast of a full year loss of £3 million full-year and highlighted its struggles in the retail environment as well as competition from discount grocery chains. After ceasing trade of its shares in the 12 months to October 30, Crawshaw's market value was at just £2.3 million.
Crawshaw is the latest high street retailer to fall into administration after the likes of Evans Cycles, House of Fraser, Toys R Us and Maplin.
For all our administrations listings, click here. For more news stories about administrations click here.
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