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"We have involved the CAPA team on both the Jessops and Phones4U administrations where they have brought to bear their skills and experience to generate significant additional recoveries for the stakeholders, a great result in both cases."
"I was interested in CAPA's point of difference, in that it works for tenants only. In completing 390 landlord negotiations I would say that CAPA's performance has been excellent, with very good results achieved."
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The administrators of the Oasis and Warehouse fashion chains have appointed CAPA to audit stores the businesses traded from around the UK, as another high street retailer fell victim to the effects of Covid-19.
CAPA, which will be conducting full property and accounts payable audits at 92 sites that the two chains occupied, was instructed by administrators at Deloitte.
As staples of high streets and shopping malls across the country, Oasis and Warehouse had employed around 1,800 staff, but similar challenges that all fashion retailers face had affected the group in the past year.
The administrators who rescued a high street fashion chain from insolvency have appointed CAPA to audit more than 80 of the company’s stores.
KPMG instructed CAPA after completing a sale of Kast Retail Ltd (KRL) – a subsidiary of AIM-listed fashion retailer Quiz – in a move that safeguarded more than 800 jobs.
Headquartered in Glasgow, KRL operated 82 Quiz Clothing leasehold retail stores across the UK and Ireland.
Like other high street fashion retailers, KRL had experienced trading difficulties including falling footfall, declining average customer spend and rising operating costs. Earlier this year the group closed all KRL stores, with the majority of staff placed on furlough.
The administrators of Bensons for Beds and Harveys furniture stores have instructed CAPA’s audit and property divisions to help them save and recover cash through the restructuring process.
CAPA’s audit team will undertake full property and accounts payable audits across both companies, while the property team holds negotiations with landlords to agree temporary occupational terms on Harveys stores, as PwC markets the business.
The two retailers were part of a group which had been posting revenues of more than £600m, but they had this year faced severe trading conditions which affected Harveys in particular. This resulted in cash flow pressures, exacerbated by the effects of coronavirus on the supply chain and customer sales.
CAPA is delighted to be sponsoring the Turnaround, Restructuring & Insolvency (TRI) Awards for the 13th consecutive year, organised by Shard Financial Media.
The TRI Awards has championed the firms, teams and individuals who are beacons of best practice in the field of business turnaround, corporate restructuring, corporate insolvency and the funding of business recovery. The independent awards panel comprises restructuring professionals from the UK’s largest banks, turnaround practitioners, insolvency practitioners, funders, regulators and the country’s foremost legal experts.