Our High Streets – Retail administrations continue to rise
Administrations are not just used for large high street retailers
Amidst the news that Arcadia is now in administration and Debenhams is closing after rescue attempts failed, the crisis on the High Street worsens. And it is not just the big retailers that are being affected, as we have recently been appointed company administrators of the high end French owned ladies fashion brand Gerard Darel (UK).
About Gerard Dural (UK) Limited
Gerard Dural (UK) Limited entered administration on 27th October 2020, and Antony Batty and Hugh Jesseman, Licensed Insolvency Practitioners based at our London office were appointed joint administrators. The company operated 6 stores in the UK. The Group’s concessions in John Lewis are unaffected.
We have significant experience as administrators of other high-end retail brands, and our main focus, at this stage as always, is to explore ways of salvaging (or selling) at least a part of the business.
As part of our work we will be speaking to the businesses’ creditors, including its bankers, HMRC and any major supplier to explain our plans in more detail and get their support. These communications often require delicate negotiations to achieve the best possible outcome for all parties, and we are experienced in doing so. Click here to see our simplified guide to the process of company administrations.
Other notable recent appointments in our London Office – a creditors voluntary liquidation and a members voluntary liquidation
On 2nd November, another of our Insolvency Practitioners, Stephen Evans was appointed to Liquidate the UK business of Pylones, a French owned brand which operated several stores in the UK selling unusual and colourful gifts. Incorporated in September 1993, this creditors voluntary liquidation is now proceeding following the extraordinary resolution to wind the company up.
On 26 November Antony Batty was appointed to solvently wind up Chrysalis VCT PLC, a listed Venture Capital Trust with investments of over £14 million. Having come to the end of the VCT period, the VCT will be de-listed and wound up over the next few years. Antony will work closely with the Board and the investment management team, who will advise on disposals, for the duration of this Members Voluntary Liquidation.
Antony has assisted with the winding up of several VCTs and has returned significant funds to shareholders.
Contact us now if you or a client is facing insolvency
If you are, or a client is, facing insolvency, the quicker you contact us for a free initial discussion the more likely we are to be able to implement turnaround and recovery plans if we are instructed. Form the breathing space that administrations and CVAs can provide, to orderly liquidations if that is the only option.