Select fashion chain picks Quantuma as administrators
10 May 2019
Business advisory firm Quantuma has been named as administrators of Genus UK Ltd, trading as Select, the high street chain which has collapsed putting up to 2,000 jobs at risk
10 May 2019
The business has 1,800 employees and operates from 169 stores across the UK, supported by a centralised head office and warehouse facilities. It trades as a value womens’ fashion retailer, targeting 18-35-year-olds with up to 4,000 fashion products, and has an annual turnover of £77m.
The current owner, Turkish entrepreneur Cafer Mahiroğlu bought Select out of administration in 2008. The company went through a company voluntary arrangement (CVA) last April and negotiated reduced rents on some shops, but has been struggling financially and reported a loss of £15.5m million in the 18 months to December 2018.
The joint administrators Andrew Andronikou, Brian Burke and Carl Jackson from Quantuma said prevailing high street conditions have meant that the fashion retailer has been unable to sufficiently deliver on a turnaround plan it had embarked upon. They are currently assessing the available options for the business to ensure its future operations. There have been no redundancies made as a result of the administration.
Andrew Andronikou, joint administrator at Quantuma, said: ‘We will continue to trade Select whilst we assess all options available to the business, with the aim of achieving the optimum outcome for all stakeholders.
‘Options include a sale of the business, in addition to entering into discussions with those parties who have already expressed interest in acquiring the business.
‘To support these efforts, a dataroom has been established and any further expressions of interest are invited. We will also be assessing CVA proposals which have been put forward by the directors.’