Mon, 01 Jul 2019 | ADMINISTRATION
With over 400 retail and franchise stores operating across the world, Italian womenswear company Stefanel was put into administration following the collapse of its parent company.
Professional advisory firm CVR Global has been called in to handle the administration process, with partners Richard Toone and David Oprey appointed as joint administrators.
The company’s advisers, retail property consultants GCW, stated that Stefanel’s London stores in Covent Garden and Regent Street will be marketed for lease as a result of the insolvency.
Richard Toone commented: “Unfortunately both of Stefanel’s stores have experienced a downturn in trade to the point where their income is no longer covering rental costs. After reviewing the business’ performance, the prospects of a turnaround were limited, so the decision was taken to wind the business down in the best interests of creditors, one of which is the firm’s parent company Stefanel.
“Both stores will continue to trade as normal while we try to maximise returns for creditors in the form of selling stock as well as recovering rental deposits. We are unable to say at this stage when the stores will close.”
Stefanel was established in 1959, and survived a debt restructuring in 2017, after which point control was taken over by its investors Attestor Capital. However, its relaunch was unsuccessful and the company was forced to seek creditor protection come December that year.
Although the company was instructed to present a restructuring plan to a bankruptcy court by mid-June 2019, it failed to reach an agreement with its creditor banks and Attestor Capital, which held approximately £36 million in debt.
The stores will continue to trade during the administration period to maximise the returns for the company's creditors.
Click here to view the Stefanel (UK) Limited listing for full details.
For more news stories about administrations click here. For all our administrations listings, click here.
This is a brilliant opportunity to acquire a stationery retail shop in Reigate. Operating from a prime high street location with good levels of footfall along a busy street. The shop is equipped with relevant facilities, and has a clean and tidy look...
LEASEHOLD
Bathroom specialist business offering the design, supply and installation of bespoke luxury bathrooms and wet rooms in Berkshire and beyond. A Guaranteed Member of Checkatrade, the company is rated 10/10 for workmanship, tidiness, reliability, courte...
LEASEHOLD
The company offers a range of specialist gardening and landscaping products and services to both trade and domestic customers, with a particular focus on turf, top soil, mushroom compost, aggregates, cement and sand, and landscape waste services.
LEASEHOLD
25
|
Apr
|
Ambulance services provider acquired in pre-pack deal | BUSINESS SALE
Elite Emergency Medical Services Ltd (Elite EMS), an ambulan...
25
|
Apr
|
Tile business old to management team by Norcros | MBO/MBI
Johnson Tiles UK, a tile business based in Stoke-on-Trent, h...
25
|
Apr
|
New private equity owner for fleet hire firm | BUSINESS SALE
West Lancashire-based fleet hire business NRG Riverside has ...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.