CAPA to audit 250 stores on discount chain
CAPA has been instructed to audit nearly 250 stores across discount chain 99p Stores Limited, which is now in administration.
Alix Partners, the corporate restructuring and turnaround specialist, was appointed as administrators of 99p Stores in March, following a decision by the discount chain's owner, Poundland. Poundland acquired the company back in 2015.
Alix Partners said the appointment supports a strategic decision by Poundland Group to operate its entire retail estate under the Poundland fascia. No staff are affected by the appointment.
The administrators have now instructed CAPA to carry out a property audit on the chain, covering its 248-store portfolio.
This will involve a forensic analysis of 99p Stores' vast property outgoings and data on invoices owed to the business. 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 for the business.