Please visit https://www.companyrescue.co.uk/ for confidential help and insolvency advice or email keiths@ksagroup.co.uk

Friday, 3 February 2012

Madhouse in Administration

Madhouse, the fashion retailer, has gone into administration today with 700 jobs at risk.  Alexander Lawson Jacobs has been appointed administrator.  Deluxe Retail, that traded as Madhouse, had a turnover of £29m but made a loss of £231,000.  Last year, according to Insolvencynews.com the firm had a deficit in the accounts of £39k but the auditors felt it was viable as a going concern as the main creditor was supportive of the firm.  We suspect that this is no longer the case and the firm had little choice.  No winding up petition was advertised.

We will post more details when we know more.  If you are an employee of the firm then please refer to our help for employees page

If you are struggling retailer remember that administration is not the only option.  A CVA can help you restructure the firm and you stay in control.

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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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