Tue, 06 May 2014 | ADMINISTRATION
Lewis Home Retail has bought seven Paul Simon stores out of administration.
Lewis Home Retail owns TJ Hughes, a chain of furniture shops. The stores bought were in Colindale, Chelmsford, Edmonton, Harlow, Hayes, Lakeside and New Malden.
As part of the deal, it is understood that some of the stores will be rebranded, while it was also reported that 73 jobs have been saved through the acquisition.
Deloitte’s Lee Manning and Nick Edwards were appointed joint administrators to Paul Simon Limited on 2 April 2014. The home furnishings retail chain, which was originally operating out of 51 stores, cited the floods at the start of the year and the decreasing margins of online sales as major reasons for its downfall.
Despite the sale of the seven shops, the administrators have also said that eight of the company’s shops will be closing, resulting in the loss of 59 jobs. The remaining 30 stores will continue to trade as normal while a buyer is sought for all or part of the business.
Lee Manning, Deloitte partner, said: “We’re pleased to have some good news during the administration of Paul Simon.
“However, this is not a sale of the brand and we will see clearance sales at the closing stores. This market remains challenging, especially for out of town retailers, and the increasing importance of online sales caused an erosion of margins.”
______________________________________________________________________
Related information:
Retailer Paul Simon in administration
Represents an opportunity for a hospitality acquirer seeking a restaurant with additional takeaway in Harrow.
LEASEHOLD
Wedding venue business with accommodation and large restaurant for sale in Cambridgeshire. With a capacity for up to 110 wedding guests, the16th Century traditional building boasts original features, open fireplaces, exposed beams and elegant interio...
LEASEHOLD
Restaurant for sale in Hartley Wintney, Hampshire. Offering a 3-bed flat, a large car park, and a detached property.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.