A Scotland-based pet store chain has been placed into administration for the second time in two years.
After closing 16 of the stores, the administrators will market the remaining six, with a total of 41 staff, for sale.
One of the administrators at Begbies Traynor commented, “We are already seeking a buyer for the scaled down business and we hope that without the drain on resources of the loss-making stores we will be able to secure a long-term future for the six remaining outlets.”
Acorn Pets (UK) Ltd has lost its fight to recover from its previous stint in administration in 2009. Twin factors of cash flow problems and increasing competition from supermarkets have led to its present predicament.
The remaining open stores are located in Ayr, Cowdenbeath, Dunfermline, Inverness, Kilmarnock and Glasgow. Previously a family-run firm, it was set up in 1984.
The present directors bought Acorn Pets out of administration in September 2009. At the time the administrators, Tenon Recovery, closed 11 of the 36 stores, after an expansion programme at the business proved to be a drain resulting in heavy financial losses. It was reported at the time that Acorn Pets had revenues of £10 million.
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