"On 26 June 2013, Richard Michael Hawes, Nicholas Guy Edwards and Robert James Harding of Deloitte LLP were appointed Joint Administrators of Modelzone Holdings Limited, The Amerang Group Limited, Modelzone Limited and Amerang Limited (together the "Companies"). The affairs, business and property of the Companies are being managed by the Joint Administrators. The Joint Administrators act as agents of the Companies only and contract without personal liability. The Joint Administrators are authorised by the Institute of Chartered Accountants in England and Wales (ICAEW). All licensed Insolvency Practitioners of Deloitte LLP are licensed in the UK"
Vouchers are still being accepted at full face value provided 50% of the goods value is in cash.
The administrators have released a statement.
“Modelzone has historically been profitable, however in recent years the company entered into leases for new stores that proved to be loss making. This, coupled with the growth in online competition, has resulted in Modelzone generating losses over the last couple of years, which the Board of Directors has now concluded is unsustainable and sought the appointment of administrators."
Bugger!
ReplyDelete:O(
Indeed.
DeleteOff-load the loss-making stores, restructure the debt-loan and tweak the business model, might be back in play before Christmas?
ReplyDeleteHugh
If they don't recover, it'll be the first time in over sixty years there hasn't been a model shop on the corner of Bootle Street in Manchester City Centre. I grew up with that place - it'll be like losing a limb (and that's only a slight exaggeration).
Delete>:O(
Their Birmingham store is open again for a liquidation sale if its any use.
ReplyDelete