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Friday, 29 April 2011

Acorn Pets in Administration

Acorn Pets, the pet supply chain based in Fife, has gone into administration for the second time in two years.  The firm will keep its shops in Dunfermline  and Cowdenbeath, but all the other 22 will close.  About 122 jobs are expected to be lost.

It is the second time in two years that the firm has gone into administration, with the family-run firm in the hands of administrators at Begbies Traynor, following a sustained period of "poor trading."

Speciality shops are finding trading difficult with tough competition from supermarkets.

Could the business have been saved with a CVA?  It depends on whether the business was viable going forward.  This may have not been the case if it had a sustained period of poor trading...  BUT a CVA, if done early enough, may have been able to close the underperforming stores before they dragged the whole business down.

1 comment :

  1. there is only 1 store left. all other staff lost there jobs and now on the dole/ still waiting for aprils wages.

    ReplyDelete

Many thanks for your comments. If you have a private business problem and you want advice give us a call on 0800 9700 539 or email me at keiths@companyrescue.co.uk. If you are a professional advisor with a troubled client, please suggest they visit www.companyrescue.co.uk or contact me as above.

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