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Monday, 13 June 2011

Haldanes in administration


Haldanes Stores has confirmed it is has filed a notice of intent to appoint administrators following advice from its legal team and an insolvency practitioner.

The firm that has 13 stores in Scotland has been embroiled in a bitter row with the Co-op, from whom it bought 26 stores, and it has issued proceedings in the High Court claiming that the Co-op had "materially breached key terms of the agreements" when it bought the Somerfield stores.
The discounter chain Ugo or Haldanes Express are not affected by the administration.

Haldanes employs around 600 people across the UK


 

 Haldanes has stores in the following Scottish towns
  • Kelso in the Borders
  • Buckie in Banffshire
  • Shawlands in Glasgow
  • Crieff in Perthshire
  • Dunbar in East Lothian
  • Larkhall in Lanarkshire.
  • Forfar
  • Arbroath
  • Ellon
  • Fraserburgh
  • Wick
  • Prestopans
  • Carluke
  • Tranent

Arthur Harris, CEO,  had previously admitted the 23 Haldanes branded stores were struggling and said he had invested £2m through another of his companies to ensure the business could continue.



The Co-operative Group is owed substantial rent arrears from the group.
Could the business have been rescued? 
As we know there is not much of a rescue culture in Scotland and have written on the subject on our website.  But a CVA is an often overlooked but powerful rescue tool that can close down underperforming shops and can be done at a lower cost than administration. 
Blogged by Robert Moore

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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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