Mon, 13 Jul 2020 | ADMINISTRATION
Well-known Wakefield-based retailer Peter Jones has entered administration, following a period of weak trading which was exacerbated by the coronavirus lockdown. The company, which sells gifts and homeware, has been operating for over 50 years and has ten locations across Yorkshire as well as a warehouse.
The company appointed Howard Smith and Dave Costley-Wood from KPMG’s restructuring practice as joint administrators on July 8. The business is entering insolvency as it will not be able to reopen and resume trading.
As a result, 67 of the company’s 70 employees, most of whom have been on furlough during the coronavirus lockdown, have been made redundant. The remaining staff will assist the administrators in winding the business down.
Peter Jones has ten stores across Barnsley, Doncaster, Batley, Huddersfield, Castleford, Pontefract, Wakefield and Wetherby. All stores have been closed for business since lockdown began at the end of March. Lockdown saw Peter Jones encounter cash flow issues, which, following an already weak trading environment, led to its administration.
The company’s most recent accounts were filed to the year ending February 28 2019. At the time, the company reported current assets valued at £1.3 million, up from £719,454 in 2018. Its creditors were valued at £1.266 million, with net assets at £82,274.
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