Salans London team successfully advised the appointed administrators, BDO Stoy Hayward LLP, on the sale of Allied Carpet's retail and insurance inspection business, and part of the property division.
Sonia Jordan, Salans restructuring partner, led a dedicated and multi-faceted team which included Alison Gaines, banking and finance consultant; Nick Ellis, real estate partner, Andrea Nicholls, employment partner and was assisted by associate Adam Jones.
Salans provided BDO with expert restructuring, property and employment advice and successfully developed a complex rescue plan that was efficiently executed, resulting in 400 jobs being saved and the continued trading of more than 50 stores nationwide.
The latest figures from the office for National Statistics show that the level of sales for household goods is at an all-time low with some retailers reporting a 73% drop in profits.
Sonia Jordan comments: "Over the last year, we have seen many retailers go into administration as a direct result of the current economic recession. As restructuring and recovery advisers, we make every effort to advise our clients (insolvency practitioners and debt restructuring firms) on the best course of action to help them meet their financial and social responsibilities".
Contacts:
Sonia Jordan, Partner
Tel: +44 (0)20 7429 6062
Fax: +44 (0)20 7429 6362
E-mail: sjordan@salans.com
Abena Poku, Marketing and Business Development Executive
Tel: +44 (0)20 7429 6063
Fax: +44 (0)20 7429 6363
E-mail: apoku@salans.com