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

Recruitment Agency (Fast Sale)
North West, UK

Indicative offers are required by 12:00hours on Monday 20 January 2020 with a view to completion shortly thereafter. The proposed Joint Administrators are seeking parties interested in the business and assets of a Company that trades as a recruitment...

Asking Price: Offers Invited
Turnover: £2,400,000

LEASEHOLD


Commercial Contractor (Fast Sale)
Midlands, UK Wide

Offers and proof of funding sought by 17:00hours on Friday 24 January 2020. The Joint Administrators are seeking parties interested in the business and assets of a commercial contractor business based in the Midlands.

Asking Price: Offers Invited
Turnover: £3,400,000

Hospitality Industry Recruitment Specialist
UK Wide

Provides highly skilled and professional hospitality staff across a variety of sectors. Recognised as both a preferred and top tier supplier for several of its prestigious clients. Supplying both temporary and permanent Nationwide staffing solutions....

Asking Price: Offers Invited
Turnover: £3,500,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
17
 
Jan
 

Sample book and shade card manufacturer acquired from administration | BUSINESS SALE

The business and assets of Yorkshire-based display products ...

 
16
 
Jan
 

Northgate and Redde shareholders approve merger | MERGER

The proposed merger of listed companies Northgate and Redde ...

 
15
 
Jan
 

SSE sells retail business to OVO Energy | DIVISION SALE

Power utility SSE has announced it has completed the sale of...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
17
 
Oct
 

SYNETIQ acquires motor remanufacturer Motorman | BUSINESS SALE

Salvage and vehicle recycling company SYNETIQ Limited has ac...

 
30
 
Aug
 

Newport care home collapses into administration | ADMINISTRATION

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

 
21
 
Aug
 

Solicitors Title LLP buys Somerset law firm in pre-pack administration | ADMINISTRATION

Somerset-based law firm, Broomhead & Saul LLP, has been save...

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