Fri, 13 Jul 2012 | ADMINISTRATION
Retailer Ethel Austin is up for sale less than a year after it was taken over by Ashloch Limited.
Ashloch, which is run by London business woman Sue Townsend, issued a notice to appoint Begbies Traynor as administrators for the firm.
However, they have insisted that Ashloch is not in administration, but that the firm has been instructed to “market the business and assets of Ethel Austin for sale”.
“The Ethel Austin brand, which was established in Liverpool in 1934, was bought from administration by entrepreneur Sue Townsend's Ashloch company in August 2011,” Begbies Traynor noted in a statement.
Gary Lee, partner at the administrators, added: “It is important to note that the company is continuing under the control of the directors and management – it is not in administration.”
Stock has recently been removed from at least one Ethel Austin store, while others have seen rent negotiations with landlords break down.
It is thought that Ashloch's problems with Ethel Austin have developed from a stock 'black hole'. When the company originally purchased the retailer its new owners discovered that the amount of stock held by Ethel Austin had been overstated by £5.5 million, which lead to the £1.5 million purchase price being renegotiated.
Ethel Austin has entered administration several times over the past three years as each new owner struggles to find the right approach to the business.
This well-established Chinese restaurant in Birmingham offers a unique dining experience with its fresh take on traditional dishes, enhanced by an alcohol licence and seating for 105.
LEASEHOLD
This is a rare opportunity to acquire a well-established specialist in late model classic vehicles, renowned for excellent service, repairs, and restoration of a specific vehicle type.
LEASEHOLD
This is a rare opportunity to acquire a well-established garden maintenance business with 18 years of success, set within a picturesque 4-acre site in Somerset.
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.