A Scottish clothing retailer that has been operating for 125 years was placed in administration this week with the loss of five stores and 40 jobs.
However, the future of Wilkies was said to have been secured following a sale of the business and certain assets out of the administration.
The "pre-pack administration" sale comes after Blair Nimmo and Alistair McAlinden from Interpath Advisory were appointed joint administrators to Wilkies Limited.
The Herald reported the news on the day the rescue move took place.
Immediately following their appointment, the joint administrators sold six of the company’s 11 stores to a new business, Wilkies Trading Limited.
The move comes amid concerns over business rates in Scotland.
Scottish shopping centre sold
A shopping centre with TK Maxx, Next and TJ Hughes as its anchor tenants was this week sold out of administration as a going concern.
James Fennessey, Colin Haig and Matthew Richards, partners of accountancy firm Azets, have secured a going-concern sale of the Antonine Shopping Centre in Cumbernauld, to Beltrace (Antonine), a new joint venture company between Belgate Estates and Tracey Investments formed for the purposes of the acquisition. The sale price has not been disclosed.
Luxury motor brand unveils Scottish city centre showroom
Genesis, sponsor of the Scottish Open golf tournament in July, is set to open its first car studio in Scotland.
Situated across three units over two floors, the 4,300sq ft showroom at Multrees Walk in Edinburgh will be the South Korean brand's third retail outlet in the UK. Opening on July 10, it will create 12 new jobs including retail and support assistants and on-site product experts.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereLast Updated:
Report this comment Cancel