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Thursday, 29 September 2011

Alexon pre pack administration likely

News has leaked that Sun European Partners are the most likely to buy the assets of Alexon Group plc in a pre-pack administration.  This morning Alexon's shares were suspended while the company clarifies its financial position.  However, there are other possible buyers in the frame who will have submitted bids by September 16. 

Alexon Group plc has suffered on the High Street, issuing a profit warning on September 5. Earlier this month we blogged that prepack administration was an option for Alexon and that it had appointed KPMG to advise on its restructuring options.

Alexon operates 78 shops and 1,071 concessions and it employs 2,800 staff.  In the event of a prepack administration is used the contracts of the staff will most likely be taken on by the new owner under the Transfer of Undertakings (Protection of Employment) or TUPE rules.

We will keep our readers informed of future developments.

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