Fashion retailer Select appoints administrators

Fri, 10 May 2019 | ADMINISTRATION



For the second time, fashion retailer Select has fallen into administration as a result of ongoing financial difficulties and tough trading conditions on the high street.

The company was forced to call in professional advisory firm Quantuma to handle the administration process, with partners Andrew Andronikou, Brian Burke and Carl Jackson appointed as joint administrators of Genus UK Limited, which trades as Select.

Select entered administration for the first time in 2008 and underwent a CVA process in April 2018 through which it successfully cut its rents by up to 75 per cent and saved nearly 2,000 jobs. However, it failed to deliver further on its turnaround plan.

In a statement released by the administrators, Andronikou said: “We will continue to trade Select whilst we assess all options available to the business, with the aim of achieving the optimum outcome for all stakeholders.

“Options include a sale of the business as a going concern, in addition to entering into discussions with those parties who have already expressed interest in acquiring the business.

“We will also be assessing CVA proposals that have been put forward by the directors.”

Owned by Turkish entrepreneur Cafer Mahiroğlu, Select operates roughly 180 stores across the country. The chain is owned by Özdemir Üç Tekstil, Mahiroğlu’s family’s clothing company, which runs factories in Romania, Turkey and Vietnam.

The retailer, which targets women aged 18 to 45, suffered a loss of £15.5 million on £117 million worth of sales in the year and a half ending December 2018. It stated online shopping as its main competition, and being unable to keep up with the cheap prices offered by numerous online retailers.

Click here to view the Genus UK Limited listing for full details.

For more news stories about administrations click here. For all our administrations listings, click here.


Share this article



Latest Businesses for Sale

Licensed Convenience Retailer
Lancashire, UK Wide

Extremely attractive and highly profitable sub-Post Office and convenience store which is situated in an unopposed trading position in the highly desirable and village of Feniscowles, in a semi rural surrounding, close to Blackburn Town Centre and wi...

Asking Price: Offers Invited
Turnover: £416,000

LEASEHOLD


Licensed Convenience Shop
Manchester, UK Wide

Fantastic opportunity to purchase a busy licensed convenience store. The store is a popular local business located on the busy Moorside Road of Urmston. The business has been well-run by the current owners for twenty years and is now on the market a...

Asking Price: Offers Invited
Turnover: £390,000

LEASEHOLD


Supplier of Hand/Power Tools Bolts & Bearings
East Anglia, East of England, UK

100% of the issued share capital of this long time established Hand/Power tools, bearings, bolts, and welding business. The company provides an efficient, reliable bolts and bearings service in East Anglia. Offers invited.

Asking Price: £109,000
Turnover: £485,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
20
 
Sep
 

Thomas Cook seeking 'last-ditch' fire sale | BUSINESS SALE

Thomas Cook Group is reportedly trying to piece together a l...

 
19
 
Sep
 

Smith & Williamson and Tilney to merge | MERGER

After revealing in August this year that talks were in place...

 
18
 
Sep
 

Infrastructure investment manager takes stake in LJLA | BUSINESS SALE

Infrastructure investment management group, Ancala Partners,...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
30
 
Aug
 

Newport care home collapses into administration | ADMINISTRATION

The company behind the Caerleon House care home in Newport, ...

 
15
 
Jul
 

Specialist engineering firm forced to appoint administrators | ADMINISTRATION

Rail contracting company Aspin Group Limited has been forced...

 
18
 
Mar
 

Buyer sought for Leeds pub group | ADMINISTRATION

Administrators for pub group headquartered in Leeds are on t...

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