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Life & Style Retail Limited in administration
15 Jun '11
2 min read
RSM Tenon directors Simon Bonney, Peter Hughes-Holland and Tom MacLennan have been appointed as joint administrators, and have begun conducting an immediate review of Life & Style's business, during which period the retailer will continue to trade.
Life and Style Retail Limited was created partly from Ethel Austin, a clothing retailer which began life in the 1930s. In 2008, businesswoman Elaine McPherson bought the firm from administration, although it slipped back into insolvency two years later. The firm was purchased again by McPherson, who renamed it Life & Style in the process. The current procedure marks the retailer's third administration in three years.
Joint administrator Simon Bonney said: “Life & Style has been brought to this situation through poor trading. We are currently looking at all aspects of the business, but with the exception of closures that the business had planned before it was put into administration, stores will remain open for the immediate future.”
Randeep Jandu, heading the Banking & Finance department, and Ashok Patel & Sunny Jandu, heading the Corporate Recovery & Insolvency department at niche city based firm Balsara & Co., will be advising the joint administrators on all legal aspects of the administration of the company.
RSM Tenon is a member of the RSM International network. The RSM International network is a network of independent accounting and consulting firms each of which practices in its own right. RSM International is the brand used by the network which is not itself a separate legal entity in any jurisdiction.
Life and Style Retail Limited was created partly from Ethel Austin, a clothing retailer which began life in the 1930s. In 2008, businesswoman Elaine McPherson bought the firm from administration, although it slipped back into insolvency two years later. The firm was purchased again by McPherson, who renamed it Life & Style in the process. The current procedure marks the retailer's third administration in three years.
Joint administrator Simon Bonney said: “Life & Style has been brought to this situation through poor trading. We are currently looking at all aspects of the business, but with the exception of closures that the business had planned before it was put into administration, stores will remain open for the immediate future.”
Randeep Jandu, heading the Banking & Finance department, and Ashok Patel & Sunny Jandu, heading the Corporate Recovery & Insolvency department at niche city based firm Balsara & Co., will be advising the joint administrators on all legal aspects of the administration of the company.
RSM Tenon is a member of the RSM International network. The RSM International network is a network of independent accounting and consulting firms each of which practices in its own right. RSM International is the brand used by the network which is not itself a separate legal entity in any jurisdiction.
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