Tue, 19 Mar 2019 | ADMINISTRATION
Another British high street retailer has fallen victim to the wrath of the present economic climate and has entered administration due to its inability to pay its rent.
Office Outlet, which previous traded as Staples (but has no connection to the online-only business of the same name), has been forced to call in professional services firm Deloitte to handle the administration process, with partners Richard Michael Hawes and Daniel Francis Butters appointed as joint administrators.
Hawes said: "In addition to a general downturn in trading as a result of the ongoing decline in the stationery market and UK retail in general, the company has recently experienced a reduction in credit from key suppliers, given the economic outlook which has severely impacted the financial position of the company."
Office Outlet is the trading name of SUK Retail Limited and SUK Oldco Limited.
The company, which has roughly 90 stores across the country, is known for its high-quality stationery products and is thought to be the largest retailer of its kind in the UK. However, despite going into administration, the administrators have said the company's trading operations will continue as normal until a new buyer is sought.
The senior management board of Office Outlet noted a “significant decline in footfall” and, due to a company voluntary agreement (CVA) in August 2018, had been planning to restructure its fixed costs in order to prepare for future, long-term profitability.
Office Outlet’s journey began at the end of 2016 when US stationary mogul Staples sold its UK branch to private equity firm Hilco and rebranded soon after. Its chief executive, Chris Yates, who managed the turnaround initiative under Hilco’s guidance, successfully completed a management buyout (MBO) in 2018.
The administrators are inviting potential buyers to express offers of interest immediately.
For more news stories about administrations click here. For all our administrations listings, click here.
Modern convenience store, lucrative Weymouth trading position, fronts busy thoroughfare, opposite railway station, close taxi rank, bus stops, and seafront/esplanade/beach, surrounded by residential areas and hotel/holiday accommodation, short walk t...
LEASEHOLD
Now available to the market is one of Cork's largest tile importers and retailers, which has also been specialising in Porcelain, Bathrooms and Lighting since 1993. Corks largest importer and retailer of tiles. Sizeable showroom. Robust supplier rela...
LEASEHOLD
Products include table tops and bases, highchairs and stools.Operates with over 150 clients, all of whom provide reliable and repeat business.Members of the FIRA trade association.Multiple opportunities for growth.Offers invited.
LEASEHOLD
|
28
|
|
Jan
|
Fairstone completes double acquisition | BUSINESS SALE
Tyne and Wear-based consolidator Fairstone Financial Managem...
|
27
|
|
Jan
|
Amigo founder puts company up for sale | BUSINESS SALE
Amigo founder James Benamor has put the subprime lender up f...
|
24
|
|
Jan
|
Hawkin’s Bazaar enters administration | ADMINISTRATION
Norwich-based novelty toy retailer Hawkin’s Bazaar has...
Sign up to receive our acquisition alert emails to get your FREE guide
|
25
|
|
Nov
|
JD Sports sells Bank to Hilco Capital | BUSINESS SALE
JD Sports has set in motion a sell off of its flagging fashi...
|
06
|
|
Apr
|
Hilco rescues HMV | BUSINESS SALE
Hilco and HMV have confirmed a deal that will see the restru...
|
05
|
|
Apr
|
Hilco to rescue part of HMV brand | BUSINESS SALE
Restructuring experts Hilco are set to throw HMV a lifeline ...
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