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Business FX Blog

Adam Solomon is a specialist in business foreign exchange issues at foreign exchange brokers TORfx.

The idea of this column is to assist businesses in saving money on making or receiving payments in foreign currency. It is developed with all companies in mind from public companies with large and complex operations, to smaller companies and individuals.

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Home Markets Company News Ethel Austin Limited: MCR to takeover

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Ethel Austin Limited: MCR to takeover PDF Print E-mail
Written by Sam Coventry   
Monday, 08 February 2010 15:09
Ethel Austin Limited and Au Naturale Limited in administration. Companies trading as normal while buyer is sought.
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Geoff Bouchier, David Whitehouse and Philip Duffy, Partners at MCR have been appointed Joint Administrators of Ethel Austin Limited and Au Naturale Limited on 8th February 2010.

Ethel Austin is one of Britain's value clothing retailers with a nationwide network of nearly 300 stores extending from Scotland to the South West, and from Wales to the South East. The business was established more than 70 years ago and has grown to become one of Britain’s leading value clothing retailers with a national presence.

The company’s Head Office is at Knowsley on Merseyside, only 10 miles away from where the business was founded by Ethel Austin herself. Its sister company is the Au Naturale homewares chain.

Geoff Bouchier, Partner, MCR, stated: “The Joint Administrators are trading the Companies in Administration in the short term with a view to finding a purchaser for the businesses as a going concern. In the current economic climate there are no guarantees that purchasers will be found. We are reviewing the financial position of the Companies and are at this stage, unable to rule out store closures and redundancies.”

There is no doubt in our mind that the onset of the global economic crisis has hit the retail sector particularly hard. As a consequence of this the Companies have struggled to secure funders, which in turn has impacted their ability to generate sales revenue.

This has been compounded by poor trading conditions in January attributed to the adverse weather conditions, which severely restricted the Companies’ cash flow. The Companies have continued to seek additional finance up until very recently but without success,” added Geoff.
Last Updated ( Monday, 08 February 2010 15:10 )