Luminar, the nightclub chain who were recently facing administration and the potential of losing up to 3,000 jobs, has been saved from going under by industry veteran and former Luminar managing director, Peter Marks.
He joined up with Alex Geffert of Ice Planet and entrepreneur and nightclub owner Joe Heanen and together they bought out the 64 strong nightclub chain that fell into administration after a winding up order from HMRC.
Luckily there was no need for an insolvency practitioner to come in where Luminar were concerned, as they had already put into administration. They fell into administration in October with debts of around £85m and with 3,000 jobs hanging in the balance this almost certainly looks like a good move for the company.
The group are supposed to be considering running the nightclubs over the Christmas period and then assessing the situation and putting the ones which are “bottom-end” units on the market.
Speaking about the future of Luminar, Mr Marks said: “Luminar has a lot of good people and with hard work, the right financial structure and an investment programme the company can look forward to a great future,”
If you would like to find out more about what happens when a company goes into administration, or if they are facing it then you should pay a visit to the Real Business Recovery website and see what they can do to help you!
Yet more bleak news for the British high street, discount clothes chain Peacocks is set to close up to 200 stores nationwide. The closures are being discussed by the big wigs at Peacocks as a part of a broad restructuring plan which is to essentially ensure that the running of the company is safeguarded for the future.
There are meetings taking place with the major shareholders of Peacocks, the likes of Goldman Sachs, in an attempt to restructure the company’s debts and come to some kind of agreement, also known as a CVA.
One thing they should look at avoiding is receiving a statutory demand. This is effectively the first step to bankruptcy against an individual or a company. If you would still like to read more about things like this then you should look at paying a visit to the Real Business Recovery site and you will almost certainly find all of the information you need there.
Speaking on what is currently going on with Peacocks, a spokesman for the company had the following to say: “We continue to progress our re-restructuring discussions and plans, with no decisions taken at this point.”
This is just another example of how tough the high street and also the economy is right now. The non-food market in the UK is really struggling with the news that Barratts the shoe store are in administration again for the second time in as many years. Let’s just hope that things start to pick up soon!
Shoe chain Barratts, has this Thursday (08/12/11) gone into administration for the second time in two years. There are potentially as many as 4,000 jobs at stake with Christmas just around the corner.
With some rather well known share holders, such as American bank Goldman Sachs, the shoe store chain could be closing as many as 200 shops up and down the country in an attempt to ease pressure from debtors. The company have a debt of £240 million and in a last ditch attempt to try and turn around the company’s fortune they could maybe look at factoring some of their invoices out. This is where they sell any monies that are owed to a business at a reduced rate meaning they get the cash fast, and don’t have to do the debt collecting.
There are some other alternatives for the company to try and save themselves. They could look into pre pack administration. This is another way of ensuring the business will still be running in the short term, while they try and sort out the long term future of the company. Pre pack administration is when a company sell the business on to a third party or to members of the board. When the sale has gone through the company instantly become protected by the courts, which gives the opportunity ensure the stability of the company.
When asked about the situation, Barratts declined to comment but gave a short statement: “We continue to progress our restructuring discussions and plans, with no decisions taken at this point.”
There’s no doubt that the current economic situation that almost the whole world finds itself in has played its part in dragging Barratts this far down for the second time in two years. There are many different companies around the world who probably find themselves in a similar situation to what Barratts find themselves in currently and many of them still live to tell the tale!
If you want to find out more on anything financial or business related then you should pay a visit to realbusinessrecovery.co.uk and see how they can help you!