KPMG cooks up pre-pack for kitchenware retailer
KPMG has been appointed to handle the administration of Steamer Trading Ltd, a speciality kitchenware retailer with 38 stores across the UK, and has immediately sold the business in a pre-pack deal to kitchenware retailer ProCook
11 Jan 2019
Following their appointment the joint administrators, Steve Absolom and Will Wright of KPMG, completed an agreement to sell 27 Steamer Trading stores and the majority of the business and assets to ProCook. A further store - trading under the Divertimenti brand in Knightsbridge - has been acquired by Divertimenti Ltd. Both deals see 332 jobs being secured.
There are 10 underperforming stores which are not part of the sale and will close immediately, with the loss of 79 jobs.
Nick Holloway, director at KPMG UK, who led the sale, said: ‘We are delighted that we have been able to rescue such a long established business including a high proportion of stores and preserve a large number of jobs, especially given the current economic pressures faced by retailers across the UK. The trade sale compliments the existing ProCook business and further increases their high street presence.’
Absolom added: ‘While it is always pleasing to preserve a significant number of jobs, sadly a number of redundancies are to be made at the 10 closed stores. Over the coming days, our priority is to ensure all employees who have been affected by redundancy receive the information and guidance they need.’
Report by Pat Sweet