Howard Smith, associate director, and Dave Costley-Wood, partner from KPMG’s restructuring practice, have been appointed joint administrators of Yorkshire lifestyle retailer Peter Jones (China) Ltd, which has collapsed with the loss of 70 jobs
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. Following the administrators’ appointment, 67 staff have been made redundant, with the remaining employees 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.’
By Pat Sweet