Tue, 23 May 2017 | ADMINISTRATION
FRP Advisory have been brought into appliance retailer The Gas Superstore, with the company now in administration.
Nathan Jones and John Lowe of FRP Advisory are now seeking a buyer for the distressed business plus assets, which had annual sales of £12 million, from its shop in Leicester and warehouse near Coalville.
It ceased to trade on 2nd April, leaving some customers without their goods delivered. The business had started sacking staff towards its closure, with Leicester Trading Standards processing 50 customer complaints regarding The Gas Superstore.
“The joint administrators are marketing the business and the assets of the company for sale and requests interested parties to make early contact,” FRP say in a statement.
“Prior to the suspension of trading, Gas Superstore had sought to recapitalise the business, however the necessary injection of capital failed to materialise, resulting in pressure on cash flow increasing to unsustainable levels.
“The company was left with no viable option other than to first suspend trading and then seek the protection of administration to allow for a more viable long term solution to be found.”
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