BSR
BSR
  • Home
  • Distressed Businesses
    • All Distressed Businessess
    • Administrations
    • Liquidations
    • Winding Up
    • Insolvency Advice  New
  • Buy a Business
    • All Businesses for Sale
    • Find a Business for Sale
    • Raising Business Finance
    • Buyer Acquisition Service   New
    • Escrow Service   New
  • Sell a Business
    • Sell Your Business
    • Seller Accounts
    • Need Help Selling?
    • Help With Finance New
    • Business Valuation
    • Business Wanted Adverts
  • Insights & News
    • View All News
    • View All Insights
  • Off-market
    • Source deals
  • Log In
  • Join Now
Join now
11111111

Home / News / Discount retail chain JTF falls into administration

Discount retail chain JTF falls into administration

Wed, 21 Jul 2021 | ADMINISTRATION

Discount retail chain JTF falls into administration

JTF Mega Discount Warehouse has fallen into administration after a potential buyer pulled out of a deal to acquire the business at the last minute. The discount chain, which requires customers to join as members and has 12 outlets in retail parks across the Midlands and north of England, says it will continue to seek a buyer.

The company was acquired by current chairman Arthur Harris in January 2020, saving it from entering administration at the time. In the first four months of ownership, the new leadership cut the firm’s annual overheads by around £2.5 million and successfully tackled its £7 million debt burden, returning it to profitability.

However, plans to take the business forward were disrupted by the Covid-19 pandemic. Despite remaining open during lockdowns due to its classification as an essential retailer, the pandemic dramatically impacted two of JTF’s biggest seasonal periods: fireworks sales around Bonfire Night and the Christmas sales.

JTF sold a wide array of discount items, including home and garden furniture, toys and health and beauty products. Over recent weeks, its stores had been undertaking clearance sales, in which stock was reduced by 50 per cent, before closing.

The closures were said to be temporary measures ahead of a relaunch; however, these plans appear to have fallen through with the withdrawal of the unnamed buyer. JTF’s 500 staff, who were initially placed on furlough when stores closed, have now been made redundant.

According to the chain’s most recently available accounts at Companies House, to the year ending March 24 2019, its fixed assets were valued at £1.5 million, while current assets stood at £10.8 million.

In the same period, the company registered a post-tax loss of around £2.8 million on turnover of £64.3 million. However, the business’ fortunes revived during the first four months of Harris’ ownership, during which time it reported operating profits of around £1 million.


View the latest distressed UK businesses here.


Share this article



Latest Businesses for Sale

E-commerce Sales of Jewellery, Lingerie & Sexual Health Products
UK Wide

The company offers the sale of fashion jewellery, lingerie, and sexual health products and toys, pyjamas, gym clothing, beachwear, and PPE. Priding itself on its high-quality products and exceptional customer service, the company offers its produc...

Asking Price: Offers Invited
Turnover: £5,500,000

LEASEHOLD


Luggage and Hamper Gifting Business
UK Wide

A thriving e-commerce business that specialises in both travel luggage and hamper gifting sectors. The business has been trading since January 2012. They have introduced a branded website for affordable gifting to suit all budgets and occasions and a...

Asking Price: Offers Invited
Turnover: £300,000

LEASEHOLD


Commercial Vehicle Dealership
South of England, UK

A commercial vehicle sales business that supplies a range of used commercial vehicles from a number of well-known brands, including Ford, Citroen, Mercedes and Vauxhall. Trading out of a sizable portable premises. Operates from leasehold premises...

Asking Price: £150,000
Turnover: £701,493

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
27
 
Jan
 

Administrators to sell assets as office furniture maker collapses | ADMINISTRATION

Bluespot Furniture, a West Yorkshire-based furniture manufac...

 
26
 
Jan
 

UK M&A down 16 per cent in 2022, but sentiment remains optimistic | BUSINESS NEWS

New analysis from PwC has revealed that UK M&A activity decl...

 
26
 
Jan
 

Private equity-backed law firm targeting further M&A in 2023 | BUSINESS NEWS

Stowe Family Law, a Leeds-headquartered specialist family la...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources

Become a Member

News Categories

  • - Business Sale
  • - Division Sale
  • - Administration
  • - MBO/MBI
  • - Merger
  • - Commercial Property

View all news

logo
Our Services Distressed Businesses
  • Businesses for Sale
  • Distressed Companies
  • List a Business
  • Help with Finance
  • Buyer Acquisition Service
  • Small Businesses for Sale
Company Buy a Business
  • About BSR
  • Insights
  • News
  • FAQs
  • Reviews
Get In Touch
020 8875 0200
[email protected]
167 Oakhill Road, London, SW15 2QW
Working hours: Mon-Fri, 9am - 5:30pm
About BSR
Business Sale Report is the UK's leading
independent business for sale & distressed business listing service.
Established in 1995, BSR offers an up-to-the-minute, comprehensive overview of businesses for sale, latest distressed business listings and daily acquisition news.
Subscribe

Subscribe to our newsletter to receive news about the latest businesses for sale.

  • Terms
  • Privacy
  • linkedin
  • facebook
  • twitter
© 1995-2023. Business Sale Report Ltd. All rights reserved. www.business-sale.com.