Fri, 17 Nov 2023 | BUSINESS SALE
CJ Services UK Ltd, a retail display specialist headquartered in Cheshire, has been acquired out of administration in a pre-pack transaction. The company, which was founded in 1995, is based in Runcorn and has a global presence.
The company fell into administration as a result of the massive pressures that have impacted the retail supply chain amid the COVID-19 pandemic and cost-of-living crisis. These headwinds have led to several major retail display firms facing severe financial distress.
In its accounts for the year ending September 30 2022, CJ Services reported turnover of £6.6 million, down from £10.5 million a year earlier, and fell from an operating profit of £365,604 in 2021 to a £612,296 loss in 2022. The company's directors stated that it had been "a year of consolidation and restructure" following the "fallout of COVID and the loss of a significant customer."
Simon Farr and Anthony Collier of specialist business advisory FRP Advisory were appointed as joint administrators to the company and have subsequently secured a sale of the business and its assets to CJ Retail Solutions Global Ltd in a deal that safeguards 54 jobs and helps to ensure continuity of service for the firm’s customers.
FRP Advisory director and CJ Services UK Ltd joint administrator Simon Farr said: "The retail sector has been significantly impacted by the pandemic, which has created subsequent challenges for those across the supply chain, including CJ Services UK Ltd.”
"Completing this deal has not only secured employment for the staff but has also ensured the continued operation of a well-established business in the North West."
The pressures on the UK retail sector have not only impacted retailers themselves, but also businesses throughout the retail supply chain, with some firms forced to close after being unable to secure rescue deals. Read about the recent collapse of another retail display specialist here:
Retail display firm to close after entering administration
Find out about the impact that legislation introduced in 2021 has had on pre-pack sales to connected parties
Established in 1998, this designer children's boutique represents the pinnacle of independent retailing in the Midlands, situated prominently on Leicester High Street. Offering an extensive array of designer children's clothing from over 30 esteemed...
LEASEHOLD
Established in 1997, this is a reputable family-run business specialising in designing, sourcing, and installing premium kitchens and bathrooms, with some involvement in bedrooms as well. Situated in an affluent area of Surrey, the business has garne...
LEASEHOLD
Established 18 years, the business has built an excellent reputation for first class service and quality clothing. Most customers of the boutique live within a 70 mile radius, thus the boutique has long been a destination boutique. Customers also com...
LEASEHOLD
06
|
Sep
|
Surrey Victorian country manor hotel on the market for £8m | COMMERCIAL PROPERTY
Stanhill Court Hotel, a Victorian Country Manor House hotel ...
06
|
Sep
|
Livingstone-based civil engineering firm falls into administration | ADMINISTRATION
Glenevin Limited, a Livingstone-based civil engineering firm...
06
|
Sep
|
Worcestershire accountancy acquires Cannock-based counterpart | BUSINESS SALE
A full-service accountancy and advisory firm based in Worces...
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
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.