Tue, 12 Feb 2019 | ADMINISTRATION
Deemed to be the world’s oldest department store, having opened its doors in 1734, Bennetts has fallen into administration following a series of financial struggles.
The company, which has one store in Irongate, Derby and another in Ashbourne, called in Bridgewood Debt Solutions to handle the administration process, and appointed partners Paul Mallatratt and Louise Freestone as joint administrators.
The stores are expected to stay open during the administration process, with hopes that they will be bought by a potential buyer as a going concern.
Mallatratt said: "We’ve got a number of expressions of interest in the company even at this early stage. We’re currently in the process of valuing the business and then we can approach buyers with a sale package.”
Bennetts cited a difficult trading and sales environment as the reasons for its decline, especially given the harsh condition stores on the high street have recently been facing. The administrators also noted increased online competition and escalating costs as reasons for the company’s downfall, 300 years after it opened doors to the public.
Despite this, Mallatratt noted an incredible positive response from the public since falling into administration. He said: “We’ve already had offers of support from the local council and various other agencies who are keen to see Bennetts survive.
“Sales on Saturday went through the roof. They were up 200 per cent in Derby and 30 per cent in Ashbourne and major suppliers are on board in listening to what needs to be done.”
Potential buyers are invited to express their interest immediately.
For more news stories about administrations click here. For all our administrations listings, click here.
A small team of three of us focus on sales, purchasing, and administrative tasks. The business could easily be integrated within an existing team to support higher profits.
RELOCATABLE
Specialises in sales of rare, vintage and celebrity-owned instruments, including acoustic, electric and bass guitars, as well as amplifiers, effects pedals and accessories.
LEASEHOLD
Offers an extensive range of sports, prestige and exotic vehicles to customers and clients throughout the UK. Utilises a highly experienced team to provide vehicle servicing, valeting and detailing, delivering cars on time, within budget and with a h...
LEASEHOLD
09
|
Apr
|
Topshop flagship store up for sale | COMMERCIAL PROPERTY
Topshop's flagship Oxford Street store in London is dra...
09
|
Apr
|
Gestamp’s former Washington warehouse hits the market in £6.5m auction | COMMERCIAL PROPERTY
The former Washington base of international car parts manufa...
08
|
Apr
|
Decorating contractor targets acquisitions after MBO | MBO/MBI
Scottish commercial decorating contractor Bell Group has com...
Sign up to receive our acquisition alert emails to get your FREE guide
29
|
Jan
|
Saga buys motorcycle insurance company | BUSINESS SALE
Over 50s lifestyle group Saga has acquired specialist motorb...
14
|
Mar
|
Administrators appointed to electrical retailer and selling its commercial properties | BUSINESS SALE
An electrical retailer based in East Anglia has fallen into ...
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