Store Twenty One falls into compulsory liquidation

Wed, 12 Jul 2017 | ADMINISTRATION

Struggling retail fashion chain Store Twenty One has collapsed into liquidation with the loss of 900 jobs, it has been reported.

The company's turnover has declined in recent years from £95 million to £57 million, with sustained losses.
The West-Midlands based discount retailer, which has been in the red for some time, ceased trading from its 122 stores last week, and will not reopen.

They've been taken over by corporate recovery and advisory group Quantuma, which confirmed that Store Twenty One had been "battling for survival" after failing to secure investment after a company voluntary arrangement last July. The CVA, a controversial insolvency process, led to the closure of 80 shops but this was not enough to save the business.

In April, the company was served with a winding up notice by Revenue and Customs over unpaid taxes. Simon Bonney, a partner at Quantuma said this signalled "the beginning of the end" for the business.

"We are now in the process of conducting an orderly wind-down and would welcome contact with any interested parties who may wish to purchase assets of the company."

Bonney blamed recent changes to business rates for putting added pressure on the retail sector.

Subscribe to the Business Sale Report here


Share this article



Latest Businesses for Sale

Builders Merchant
Manchester, UK Wide

The business for sale is a popular, independent builders’ yard/supplier specialising in a wide range of building products. Offers invited.

Asking Price: £299,500
Turnover: £570,000

LEASEHOLD


Joinery Business
East London, South East, UK

This is a fantastic opportunity to acquire a long running and well-established joinery business currently serving the London area. Offers invited.

Asking Price: £420,000
Turnover: £780,000

LEASEHOLD


Dust & Fume Extraction Specialist
Scotland, UK

Specialises in comprehensive dust and fume extraction solutions, providing tailor-made designs, installations and support services. Offers invited.

Asking Price: Offers Invited
Turnover: £534,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
26
 
Mar
 

Craft beer company goes under | ADMINISTRATION

With stores in London, Canterbury and Margate, craft beer me...

 
25
 
Mar
 

West Midlands transport company enters administration | ADMINISTRATION

The company behind the Ring and Ride services throughout the...

 
22
 
Mar
 

Scunthorpe nightclub up for sale | BUSINESS SALE

A former nightclub based in Scunthorpe has been put up for s...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
18
 
Mar
 

Buyer sought for Leeds pub group | ADMINISTRATION

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

 
28
 
Feb
 

Property developers enter administration | ADMINISTRATION

A property development company based in Leicester has fallen...

 
04
 
Oct
 

Beauty bar chain in Debenhams enters administration | ADMINISTRATION

Swansea-headquartered beauty bar chain, Arch Angelz Ltd has ...

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