Hundreds of jobs have been saved with the purchase of a shoe and podiatry retailer out of administration.
Gareth Harris and Lee Lockwood of RSM UK Restructuring Advisory LLP were appointed joint administrators of Shuropody Retail Limited this week and have now secured the purchase of the business and assets of Shuropody in a “pre-pack” administration sale.
The specialist retailer with outlets across the UK including Glasgow went into administration on December 7 and was immediately sold to a subsidiary of Baaj Capital LLP, a special situations investor which holds a number of other retail investments.
The deal has saved over 260 jobs and all of the company’s 39 stores remain open and are continuing to trade under new ownership.
Mr Harris said: "Securing this pre-pack sale will ensure customers who have bought treatment plans will have continuity of service and safeguard the jobs of the vast majority of the Shuropody team.
"It is unfortunate that Shuropody has had to go through an administration process, but the legacy of the last couple of Covid years is still proving challenging to navigate for many businesses, including this one.
"Given the current economic climate the high street is seeing many retailers struggle so it is particularly pleasing to help save this business, and ensure employees will be paid as we run into the Christmas period’.
The joint administrators were advised by Matthew Brown, Liz Russell and Niall Crossley of Gateley Legal.
New motorhome park launched at Renfrewshire equestrian centre
INGLISTON Estate & Country Club is bidding to broaden its appeal as a tourist destination by opening a luxury motorhome and recreational vehicle park in its Renfrewshire grounds.
The club, based on the outskirts of Bishopton, said it has invested £500,000 to create The Paddocks, which offer 30 hard-standing pitches connected to water and electricity, as well as access to Ingliston’s bars, restaurants, live entertainment, and equestrian facilities. Showers, toilets, washing facilities and a laundry are also on site.
Rangers liquidators agree HMRC settlement as creditor payout revealed
The liquidators of Rangers' old operating company have come to a £54million settlement with HMRC, 10 years after the oldco was declared insolvent.
The revenue service had initially claimed £94.4m, the bulk of which came from the use of employee benefit trusts (EBTs) to pay staff between 2001 and 2009.
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