Market Updates
Allied Carpets in Adminstration
Sarla Buch
17 Jul, 2009
New York City
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Allied Carpets in a pre-packaged deal under voluntary administration reemerged with fewer stores and new lead investor. The fate of the 166 of the 217 stores with 1,100 employees is uncertain, even though the restructuring administrator indicated optimistic outcome.
[R]9:00 PM London – Allied Carpets in a pre-packaged deal under voluntary administration reemerged with fewer stores and new lead investor.[/R]
The privately held second largest flooring retailer Allied Carpets Group sought protection under administration and reemerged as a new company under the same management leadership.
The business restructuring company BDO Stoy Hayward will be responsible for handling the trading division AC (UK) Ltd and retail store leasing unit Allied Carpet Properties Ltd.
The administrator sold its 51 best performing stores and insurance inspection business to the new company formed by the management with investor Valco Capital Partners. Valco is a unit of distressed debt management firm Hilco.
Allied Carpets is the second largest retailer after Carpetright Plc who is interested in acquiring stores from the company. Carpetright reported 72% fall in profit in its latest financial year.
BDO is seeking to sell the 166 remaining stores after the administrator has arranged revised lease and elimination of past debts to landlords.
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