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

Timber Products Supplier
South East, UK

Supplies high quality hardwoods, softwoods and flooring products to the manufacturing and construction industries. FSC and PEFC accredited, ensuring that the timber provided originates from sustainable and ethical sources. Offers invited.

Asking Price: Offers Invited
Turnover: £1,000,000

FREEHOLD


Retailer of Home & Garden furniture
North of England, UK Wide

Sells high-quality, designer home and garden furniture, offering exceptional customer service and competitive prices to an extensive UK customer base. Products are predominantly sold through e-commerce platforms, including eBay, Amazon, Wowcher and W...

Asking Price: Offers Invited
Turnover: £7,400,000

LEASEHOLD


Butchers
Dagenham, Essex, South East, UK

The business sells a great selection of meats, cooked meats, a range of seasoned sausages and burgers all prepared in-house. Revenue is derived from the sale of quality fresh produce, supplied from reputable sources. The business sees a lot of repeat...

Asking Price: Offers Invited
Turnover: £852,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
19
 
Nov
 

UK government set to approve Cobham takeover | BUSINESS SALE

The British government is poised to approve the $5 billion t...

 
18
 
Nov
 

Kitwave acquires Alpine Fine Foods | BUSINESS SALE

Independent wholesaler Kitwave has acquired Alpine Fine Food...

 
15
 
Nov
 

Carpetright agrees to shareholder takeover deal | BUSINESS SALE

Carpetright has agreed a deal to be taken over by its larges...

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