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

Quality Workwear & Leisurewear Wholesaler (Fast Sale)
UK Wide

Indicative offers are required by close of business Monday 20th July. Long established business, founded in 1996. Good core, repeat business customers. Bonded warehouse. Established brand name.

Asking Price: Offers Invited
Turnover: £300k - £1m

Fibre Optic & IT Cabling Solutions
South East, UK

Designs, supplies and installs fibre optic and IT cabling solutions for clients throughout the UK and Europe. Offers electrical, structured cabling and network/Wi-Fi solutions, AV equipment and LAN/ethernet, in addition to project management, consult...

Asking Price: Offers Invited
Turnover: £2,247,561

LEASEHOLD


Importer of Toys & Gifts for the Leisure Industry
UK Wide

Imports an extensive selection of toys and gifts, which are sold to trade customers throughout the UK and internationally. Has established a strong reputation within its sector for its innovative product range, competitive prices and exceptional serv...

Asking Price: Offers Invited
Turnover: £6,135,933

FREEHOLD



View more businesses for sale

News Search

Latest News

 
14
 
Jul
 

Huddersfield retail park acquired out of administration | COMMERCIAL PROPERTY

Huddersfield’s Gallagher Retail Park has been acquired...

 
14
 
Jul
 

Directors of distressed companies get more breathing space | BUSINESS NEWS

The temporary suspension of wrongful trading provisions intr...

 
13
 
Jul
 

Yorkshire retailer Peter Jones enters administration | ADMINISTRATION

Well-known Wakefield-based retailer Peter Jones has entered ...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
21
 
May
 

South London-based law firm acquired in pre-pack sale | BUSINESS SALE

Croydon-based McMillan Williams Solicitors (MSW) has been so...

 
14
 
Apr
 

Dorset catering business enters administration | ADMINISTRATION

Dorset-based event catering company Beales Gourmet has gone ...

 
17
 
Oct
 

SYNETIQ acquires motor remanufacturer Motorman | BUSINESS SALE

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

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