CAPA has been instructed to carry out a full property and accounts payable audit on Austin Reed, the fashion chain in administration.
Alix Partners, the corporate restructuring and turnaround specialist, was appointed as administrators to Austin Reed in April 2016.
CAPA has now been instructed to audit various property costs and invoice data across 100 stores of the fashion chain.
This will involve a forensic analysis of Austin Reed’s vast property outgoings and data on invoices owed to the retailer.
CAPA’s auditors will use bespoke software to uncover multiple elements such as errors in utility bills, or ‘overspend’ by the companies on various payments. This in turn will help generate cash to pay Austin Reed's creditors.
Update: The Edinburgh Woollen Mill Group acquired the Austin Reed brand and five concessions in May 2016. The group now plans to open 50 Austin Reed stores by early 2018, including a London flagship.
