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.
CNC precision engineering company, established over 50 years ago. The Company specialises in small to medium batch high precision milling and turning and has the benefit of long lasting, valuable and important customer relationships. Based within the...
Flagship practice for any portfolio, benefitting from a combination setting (residential and commercial). The vendor is willing to stay on 4+ years.
This is a rare instruction for the sale of a lucrative four surgery private practice offered on a freehold basis.
FREEHOLD
10
|
May
|
North Yorkshire coaching inn on the market for £1.2m | COMMERCIAL PROPERTY
The General Tarleton Hotel and Restaurant, an 18th century c...
10
|
May
|
John Good Group acquires Grimsby shipping services company | BUSINESS SALE
John Good Group has acquired a shipping services provider th...
09
|
May
|
Landsec sells hotel portfolio for £400m | COMMERCIAL PROPERTY
Landsec has sold its entire hotel portfolio, comprising 21 a...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
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.