Howard Smith and Dave Costley-Wood, from KPMG’s Restructuring practice, were appointed Joint Administrators of Peter Jones (China) Ltd on 8 July 2020.
The company is a Wakefield-based retailer of gifts and homewares. It has 10 shops across Yorkshire and a warehouse.
It enters insolvency after a period of weak trading followed by significant cash flow pressure related to the COVID-19 lockdown.
The company’s stores have remained closed since lockdown with the vast majority of its 70 employees currently on furlough leave. Regrettably 67 have been made redundant following the administrators’ appointment as the business will not be able to reopen and trade. The remaining staff are assisting the administrators with the winding down of the business.
Howard Smith, Joint Administrator and Associate Partner at KPMG, said:
“Lockdown was a challenge too far for this retailer’s finances and in the unfortunate situation that it cannot continue to trade, we are managing a sale of its stock, in order to seek a return for creditors, and managing the wind down process. An employment specialist within the administration team is liaising with the workforce about their next steps.”
Parties who are interested in the business’ stock should contact email@example.com.
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