United Carpets Group plc Administration of United Carpets (Northern) Ltd (9576N)
04 Oktober 2012 - 2:47PM
UK Regulatory
TIDMUCG
RNS Number : 9576N
United Carpets Group plc
04 October 2012
4 October 2012
United Carpets Group plc
("the Group" or "the Company" or "United Carpets")
Notice of Appointment of Administrators to United Carpets
(Northern) Limited
The Company announces that on Thursday 4 October 2012 David
Robert Acland and Lila Thomas of Begbies Traynor (Central) LLP were
appointed as joint administrators of United Carpets (Northern)
Limited ("UCN").
UCN is the principal trading company of the Group, owning the
Group's corporate stores and also acting as franchisor of the
Group's franchises.
Immediately following the joint administrators' appointment, the
business and the majority of the assets of UCN were sold to United
Carpets (Franchisor) Limited, a direct wholly-owned subsidiary of
the Company and also the sole shareholder in UCN. The sale included
both the corporate stores owned by the Group and the franchise
agreements, amounting to 72 stores in aggregate.
The appointment of the joint administrators followed a review of
the business which concluded that without substantial rent
reductions a [significant] number of the corporate and franchised
stores would be unable to continue to trade. Efforts to agree
reductions with landlords were not successful. United Carpets
(Franchisor) Limited will now seek to agree appropriate rents with
landlords and, if necessary, will close those stores where
agreement cannot be reached.
The Board is disappointed at the need to take these steps but is
confident that the core of locations remaining once the restructure
is concluded will, with appropriately adjusted overheads, provide
the foundation for a successful and sustainable business.
Enquiries:
United Carpets 01709 732 666
Paul Eyre, Chief Executive
Ian Bowness, Finance Director
Cardew Group 020 7930 0777
Tim Robertson
Seymour Pierce
Jonathan Wright/Mark Percy (Corporate Finance) 020 7107 8000
Katie Ratner (Corporate Broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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