Interviews
Womenswear chain Fenn Wright Manson enters administration
07 Mar '12
2 min read
Peter Holder, Peter Saville and Simon Wilson, Partners at Corporate Advisory and Restructuring specialists Zolfo Cooper, were appointed Joint Administrators of Fenn Wright and Manson Limited on 6 March 2012.
Founded in 1974, the Company is a retailer and distributor of women's occasion wear with 17 standalone stores and 62 concessions throughout the UK and Ireland. The Company employs 295 staff across the retail network, with an additional 53 staff at its headquarters in Southwark, London.
The Administrators were appointed as a result of the Company experiencing cash flow problems given the current challenging fashion retail environment.
Following appointment, the Joint Administrators will continue to trade the Company while exploring all possible options for its future including a sale of all or parts of the business.
Peter Holder, Partner at Zolfo Cooper said: “Unfortunately, as with many other fashion retailers exposed to declining consumer spend, the deterioration in trading conditions in recent months has led to increased financial pressures on the business”.
“We are already in discussions with a number of interested parties and intend to continue to trade the business in order to ensure that we identify the best possible outcomes regarding preservation of jobs, the value of the business and returns to creditors. As this work continues we will make further announcements as appropriate.”
Zolfo Cooper LLP is a leading international provider of corporate advisory and restructuring services. Headquartered in London, with offices throughout the UK and affiliations in North America, the Caribbean, Continental Europe, Asia and Australasia, it has extensive experience of assisting companies and their stakeholders across a wide range of situations from complex-cross border cases through to mid-market engagements.
Founded in 1974, the Company is a retailer and distributor of women's occasion wear with 17 standalone stores and 62 concessions throughout the UK and Ireland. The Company employs 295 staff across the retail network, with an additional 53 staff at its headquarters in Southwark, London.
The Administrators were appointed as a result of the Company experiencing cash flow problems given the current challenging fashion retail environment.
Following appointment, the Joint Administrators will continue to trade the Company while exploring all possible options for its future including a sale of all or parts of the business.
Peter Holder, Partner at Zolfo Cooper said: “Unfortunately, as with many other fashion retailers exposed to declining consumer spend, the deterioration in trading conditions in recent months has led to increased financial pressures on the business”.
“We are already in discussions with a number of interested parties and intend to continue to trade the business in order to ensure that we identify the best possible outcomes regarding preservation of jobs, the value of the business and returns to creditors. As this work continues we will make further announcements as appropriate.”
Zolfo Cooper LLP is a leading international provider of corporate advisory and restructuring services. Headquartered in London, with offices throughout the UK and affiliations in North America, the Caribbean, Continental Europe, Asia and Australasia, it has extensive experience of assisting companies and their stakeholders across a wide range of situations from complex-cross border cases through to mid-market engagements.
Zolfo Cooper LLP
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