Courts closer to break-up
KMPG sees ‘good level’ of interest
A break-up of the UK Courts furniture chain is looking to be the most likely option as KPMG starts sifting through bids for the business.
KPMG, appointed to handle the administration of the 88-store UK business last week, sent out 155 information packs to interested parties and set a deadline of yesterday for offers.
A number of indicative offers have been received, with KPMG hoping to sell a “significant part” of the business as a going concern.
Mick McLoughlin, KPMG head of corporate recovery, said: “We have received a good level of interest and are hopeful that we can sell a significant part of the business as a going concern. Potential purchasers include retailers, property companies, private investors, trade buyers and private equity houses.
“We anticipate that it will take two to three working days to obtain clarification of the bids and move on to the next stage of the sale process. We are looking for the best deliverable deal for the creditors, employees and customers.”
The administrator has been unable to reopen the stores as angry customers continue to demand refunds. McLoughlin said: “We appreciate customers’ frustration and would like to be able to open the stores to facilitate the release of stock. But we have to put the safety and security of Courts staff first.”
