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Friday, 30 December 2011

Past Times likely to go into administration in 2012

Past Times's owner, Epic Private Equity, have confirmed that they intend to appoint administrators in the New Year.  They have served a notice to appoint administrators in the High Court which will protect the company against legal actions for 10 days.  As such, it is expected that the firm will enter administration in the first week or so of 2012.  It is likely that KPMG will be the administrators.  Past Times made a loss of £1.53m in 2010, on turnover of £46.5m.

Past Times has a over 100 shops and employs over a 1000 people.  Past Times is said to have performed below expectations in the pre-Christmas period.  However, it has a strong brand and it is possible that it will be sold out of administration or it could perhaps go into administration and exit via a CVA.   In fact, Epic bought the company out of administration in 2005 for £7.75 million.   Its other purchase, Wittard of Chelsea, has been doing well with a 3% like for like sales growth.

Despite all the gloom, and the collapse of some high profile names, the Boxing Day sales have been very good according to the shopping centre owners and other retailers.

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