Thu, 21 Aug 2014 | BUSINESS NEWS
Nursery retailer Mamas & Papas has appointed Daniel Butters and Clare Boardman of Deloitte to oversee a Company Voluntary Arrangement (CVA) that is being mulled as part of a restructuring to reduce costs.
Daniel Butters said the CVA would enable the company to rehash lease terms and move forward with its wider plans to restructure the business. The creditors, including landlords, are to vote on the proposals on 10 September 2014.
Mamas & Papas sold a major stake in the business to private equity firm Blue Gem in July, after a strategic review earlier this year. The retailer attributed the move to the “persistently tough trading environment”.
Its chairman David Scacchetti said that its international and wholesale operations are performing well, but the “UK retail environment is the toughest I’ve experienced in the 30 years since we founded Mamas & Papas” and that it was apparent they needed to take action to keep their position in the market.
Job losses of up to 90 from its Yorkshire headquarters are expected as part of the shake-up. A 30-day consultation began yesterday (20th August) with staff, that is likely to result in the staff cuts, some of which will be voluntary.
The company has also put plans to the landlords of 60 of its UK stores with the intention of bringing down costs through the CVA, which relates to Mamas & Papas (Retail) Limited only, not the other parts of the group.
Earlier in August it drafted in retail executive Derek Lovelock, who arrived fresh from being chairman at Karen Millen and Aurora Fashions, as its interim CEO.
_____________________________________________________________________
Related information:
Latest companies in administration
Distressed opportunities aplenty as SMEs struggle with economic growth
Popular and well-regarded Sushi and Ramen restaurant and takeaway, which is situated in a prime city centre location in Norwich. The premises are set over three floors and are presented to an extremely high standard throughout and offers the opportun...
LEASEHOLD
Established respected business, holding valuable private and public sector client base, there being a number of key clients, some paying a retainer and from which regular repeat business is received ensuring a substantial pipeline figure.
A specialist manufacturing business of quartz and granite kitchen and bathroom worktops. It has been established in conjunction with retail premises (retail premises are also available if required). It offers a supply and fit service and is located i...
26
|
Apr
|
Major double glazing firm Everest enters administration | ADMINISTRATION
Everest, one of the largest providers of double-glazing in t...
26
|
Apr
|
Kent-based scientific consultancy sold to US firm | BUSINESS SALE
A4P Consulting Limited, a scientific consultancy company hea...
25
|
Apr
|
Ambulance services provider acquired in pre-pack deal | BUSINESS SALE
Elite Emergency Medical Services Ltd (Elite EMS), an ambulan...
01
|
Dec
|
Arcadia collapses into administration | ADMINISTRATION
Sir Philip Green’s Arcadia, the group behind retailers...
15
|
Oct
|
Gourmet Burger Kitchen acquired by Boparan in deal that sees 26 sites close | BUSINESS SALE
Gourmet Burger Kitchen has been acquired by Boparan Restaura...
23
|
Sep
|
Cartwright Group enters administration, but fleet and rental arms are sold | ADMINISTRATION
Commercial trailer manufacturer and rentals firm Cartwright ...
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
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.