Allders facing break-up
Kroll weighing up bids
A break-up of the Allders department store group is looking increasingly likely as administrator Kroll weighs up bids for the business.
Kroll said said 72 initial expressions of interest had resulted in 36 firm offers for all or part of the company. Alastair Beveridge, joint administrator, said: “It is very pleasing to have received such a high level of interest and that this interest has been translated into offers.
“Trading during the week has continued to be better than during the same period last year, showing that customer support has been maintained during the administration process. This has been largely as a result of the support and efforts of the employees of both Allders and the concession holders.”
However, with private equity group Alchemy reported to be out of the bidding after Kroll concluded there was higher value to be obtained from the 45-store chain, a break-up of Allders is being forecast by the City. Nick Bubb, analyst with Evolution Securities said: “It will be worth more broken up than as a going concern.”
Rival department store operators Debenhams and House of Fraser are likely contenders for some stores, with discount fashon retailer Primark also in the frame.
