Fri, 30 Jun 2023 | BUSINESS SALE
The business and certain assets of Scottish retail chain Wilkies have been acquired out of administration in a pre-pack deal. The business has been acquired by a new company, Wilkies Trading Limited, after falling into administration on June 29.
The Edinburgh headquartered business is a retailer of women's and men's clothing and homeware. The company dates back to 1898 and, prior to entering administration, it employed 95 staff at 11 stores in towns throughout Scotland.
However, the company, like many retailers, experienced trading difficulties as a result of the COVID-19 pandemic. Following COVID-19, the company’s administrators said that trading did not recover to previous levels in some locations.
Coupled with rising costs for labour and energy, this led to the business incurring significant losses. Despite directors exploring several options, including a sale, a solvent resolution could not be found and the company appointed Alistair McAlinden and Blair Nimmo of Interpath Advisory as joint administrators.
Upon their appointment, the administrators immediately sold six of the firm’s stores to Wilkies Trading Limited. The six stores, which employ 55 staff, are in Largs, Peebles, Perth, Castle Douglas, Ballater and Helensburgh.
Five remaining stores were not included in the deal and four of those will close with immediate effect: Edinburgh, Falkirk, Hamilton and North Berwick. The final store, in Kirkcaldy, will continue to trade for a short period to sell stock that was not included in the sale.
Joint administrator Blair Nimmo said: “The high street continues to come under significant pressure, with another retail casualty caused by a combination of customers moving to supermarket and online retail, and cost pressures particularly from labour and energy prices biting.”
Read about the latest regulations on pre-pack administrations.
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.