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

Thursday, 15 May 2014

Paul Simon administration: all remaining stores to close

We recently blogged about a number of Paul Simon stores closing while seven stores were bought by Lewis Home Retail. The furniture retailer has suffered from ongoing difficult market conditions, falling sales and expensive leases.

The business and the remaining 22 stores were put up for sale as a going concern. Unfortunately, no suitable buyers have come forward and as a result, all stores will be closing and 209 employees are to be made redundant. These stores will close over the next three weeks:

Watford, Croydon, Farnborough, Byfleet, Southampton, Milton Keynes, Crawley, Colchester, Ipswich, Norwich, Peterborough, Basildon, Catford, Chadwell Heath, Fareham, Northampton, Swindon, Orpington, Rayleigh, Stevenage, Aylesbury and Aylesford.

Joint administrator from Deloitte, Lee Manning, stated, "We very much regret that a buyer for the remaining stores as a going concern could not be found. We will close stores over the coming weeks, selling the remaining unsold stock in these stores in clearance sales. The business cannot trade indefinitely without the prospect of a buyer".

If you are a customer with queries about orders or purchases, contact 0207 007 3200 or email paulsimoncustomers@deloitte.co.uk.

We are not involved in the administration and questions should be directed to Deloitte who are handling the administration.

If you are an employee of the business, please listen to the video below as it will tell you your rights as an employee of an insolvent business.  There is a link at the end of the video to the Government website which expands further on what you need to know.






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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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