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Friday, 2 March 2012

Fenn Wright Manson files intention to appoint administrators

Fenn Wright Manson, the high end women's fashion retailer has filed an intention to appoint an administrator.  This has given the retailer 10 days to appoint an administrator.  Meanwhile the company has a moratorium placed around it which will give it some protection from its creditors.
The womenswear chain,  has 17 stores and also has concessions in John Lewis and House of Fraser. The firm is working with restructuring specialist Zolfo Cooper to secure its survival.

The retailer was bought by Darwin, the private equity firm in October 2010 in a deal which saw its last remaining founder Colin Fenn exit the business.   There have been a fair amount of private equity backed retail businesses that have floundered recently.  They include Tobar, Hawkins Bazaar and Past Times.

If you are a private equity fund and have problem investees then talk to us. KSA Group has extensive experience of restructuring heavily geared companies WITHOUT the use of administration, pre-pack or receivership. Using informal work-out or company voluntary arrangements (CVA) we can effect radical restructure of the cost base, close down factories or stores, exit large numbers of managers and employees rapidly and generally with nil cash cost.

Blogged by Robert Moore

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