Retail chain Select fashions CVA deal
14 Jun 2019
High street fashion chain Genus UK Ltd, trading as Select, has agreed a company voluntary arrangement (CVA) after it went into administration in early May putting hundreds of jobs at risk
14 Jun 2019
Andrew Andronikou, Brian Burke and Carl Jackson of business advisory firm Quantuma have secured 87% approval for the CVA and have confirmed that this will protect jobs and ensure no immediate store closures.
The company trades as a value ladies’ fashion retailer, targeting 18 to 35-year olds with up to 4,000 fashion products. The approval secures the current employment of Select’s 1,800 staff and preserves the operation of its 169 stores, centralised head office and warehouse facilities.
Andrew Andronikou, joint administrator and Quantuma partner, said: ‘The approval of the joint administrator’s proposals gives the best outcome for creditors as a whole. This will mean no immediate closures of the company’s stores, and no immediate redundancies.
‘This should provide a platform upon which the company can deliver changes to its operational costs and structures, allowing it to stabilise and move forwards.
‘As widely reported, there are many challenges in the UK retail sector, a factor which has adversely affected the high street. We are therefore pleased with the outcome of today’s meeting and the support displayed by creditors in their acceptance of the proposal, which has resulted in the rescue of the business.’