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 MahiroÄlu, Select operates roughly 180 stores across the country. The chain is owned by Özdemir Üç Tekstil, MahiroÄlu’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.
A small team of three of us focus on sales, purchasing, and administrative tasks. The business could easily be integrated within an existing team to support higher profits.
RELOCATABLE
Specialises in sales of rare, vintage and celebrity-owned instruments, including acoustic, electric and bass guitars, as well as amplifiers, effects pedals and accessories.
LEASEHOLD
Offers an extensive range of sports, prestige and exotic vehicles to customers and clients throughout the UK. Utilises a highly experienced team to provide vehicle servicing, valeting and detailing, delivering cars on time, within budget and with a h...
LEASEHOLD
|
09
|
|
Apr
|
Topshop flagship store up for sale | COMMERCIAL PROPERTY
Topshop's flagship Oxford Street store in London is dra...
|
09
|
|
Apr
|
Gestamp’s former Washington warehouse hits the market in £6.5m auction | COMMERCIAL PROPERTY
The former Washington base of international car parts manufa...
|
08
|
|
Apr
|
Decorating contractor targets acquisitions after MBO | MBO/MBI
Scottish commercial decorating contractor Bell Group has com...
Sign up to receive our acquisition alert emails to get your FREE guide
|
15
|
|
Jan
|
Buyer sought for portfolio of pubs | BUSINESS SALE
Five pubs that formerly operated under the Authentic Alehous...
|
17
|
|
Dec
|
Modular home builder acquired in pre-pack administration | BUSINESS SALE
Liverpool-based modular housing firm Ideal Modular Homes has...
|
21
|
|
May
|
South London-based law firm acquired in pre-pack sale | BUSINESS SALE
Croydon-based McMillan Williams Solicitors (MSW) has been so...
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