8 August 2018: The Milton Keynes office is pleased to announce that Tom Guthrie and Peter Windatt were appointed joint administrators of a company operating in the retail sector. The administration involved a sale of the business and assets which has resulted in a continuation of the business, a new injection of funding and the preservation of 55 jobs. It is anticipated that a modest return will be made to creditors once the administration comes to an end.
BRI have been working closely with the Company to ensure that best value was obtained for the assets and that the sale produced the best possible outcome for creditors.
The troubles in the retail industry have been well documented in the press in recent times. We are delighted to have been able to assist in the rescue of a company which, had it not been placed into administration, would have been wound up by the court. A compulsory liquidation would have resulted in employee claims in the region of £363,000 and no return to unsecured creditors.
If you or your client would like to know more about rescue options that might be available for a company in financial difficulty, please contact our experienced management team on 01908 317387.