Tue, 05 Nov 2019 | ADMINISTRATION
Baby products retailer Mothercare has announced that it will file notices of intent to appoint administrators to its UK retail arm.
The notices, relating to Mothercare UK Ltd and Mothercare Business Services Ltd, are said to form part of a wider restructuring being undertaken by Mothercare plc.
Announcing the notices, the group has emphasised that other subsidiaries would not be covered by them. Mothercare plc, Mothercare UK Ltd and Mothercare Business Services Ltd will all be free to continue trading as normal.
Mothercare said that the decision "a necessary step in the restructuring and refinancing" of the group.
"Plans are well advanced and being finalised for execution imminently. A further announcement will be made in due course," it said.
The notice comes as the group undertakes a root and branch review of its business. Mothercare plc is said to be in talks with lenders over a refinancing deal to secure its trading future.
The process could lead to efforts to find a buyer for the business, with the potential for further restructuring of the whole Mothercare Group, including the structure, format and model of its UK retail operations.
Globally, the Mothercare Group generates more than £500 million in revenues each year from over 1,000 stores in more than 40 territories, with the UK business representing a relatively small segment of its overall sales.
In the year ending March 31st 2019, Mothercare plc generated £283 million in profits, while the UK arm lost £36.3 million.
The company’s UK workforce is comprised of 500 full-time employees and 2,000 part-time staff, operating across 79 outlets
Provides thermoplastic markings for roads, car parks & playgrounds, as well as anti-skid paint solutions & road studs. Customers include local authorities, SMEs, hospitals, schools, universities & PLCs within the construction industry. Contracted to...
Award-winning niche financial services recruitment specialist, recruiting for permanent and interim positions in the UK and overseas. Substantial opportunity with existing UK client base for expansion into other related sectors. Significant potential...
Established over a 100 years ago, the business has evolved with each decade to meet the changing needs of its clients and the markets it serves to become the innovative company that it is today. It was one of the first companies in Europe to begin co...
A buyer is being sought for Pro-Fix Installations after the ...
An unfinished waste-to-gas facility in Swindon has secured &...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources