Mon, 14 Mar 2011 | BUSINESS SALE
An electrical retailer based in East Anglia has fallen into administration, with its remaining properties and assets being managed by PKF (UK) LLP.
Bennetts Electrical, which is headquartered in Norwich and has a major commercial property in Bury St Edmunds, alongside 15 other stores, has been put into the hands of administrators PKF (UK) LLP.
A statement released by the company said, “Philip Long, Stephen Holgate and Matt Howard of PKF (UK) LLP were appointed Joint Administrators of the Company on 10 March 2011. The affairs, business and remaining property of the company are being managed by them.”
The retail firm – which employed 300 staff across 16 stores – reported a turnover of £55 million last year. The administrators are now calling for any creditors to details their claims.
Bennetts Electrical's managing director Mike Jones attributed the firm's downfall to the 'particular challenges that the economic climate has presented' and the 'lack of consumer confidence.'
Corporate recovery partner of administrators PKF, David Merrygold, said, “We are already in discussions with a number of parties and hopeful that we will conclude a sale of the business within the next two weeks.
"Any expressions of interest in the purchase of the business should contact Matt Howard at PKF’s Norwich office,” he added.
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