CAPA is now auditing 68 properties at a menswear chain that became one of the first casualties in a tumultuous year for retailers.
With roots dating back to 1860, Greenwoods Menswear is a retailer of formal and casual menswear, including shoes and accessories, which recently boasted a turnover of around £20m. It also offers a formal suit hire service, under the company’s 1860 brand.
The company had operated from 63 stores and two concessions throughout the UK, with its head office and warehouse located in Bradford, west Yorkshire. Until late 2017 the company also employed over 300 staff.
But after various high street pressures took their toll on the firm’s financial performance,
Adrian Berry and Clare Boardman of accountancy firm Deloitte were appointed joint administrators over Greenwoods in September 2017.
After trading in administration for more than six weeks, the administrators secured the sale of the business and its assets to Versatile International Trading Ltd, another retailer, in October 2017.
The sale saw 40 retail stores, the central warehouse and head office functions transferring to the buyer and it protected the jobs of 181 employees.
After their appointment, CAPA will now undertake a forensic audit of sums paid out across the 68 properties, including utility bills and other elements.
The team will use bespoke software to inspect the data and uncover errors or any anomalies, such as overspend, that will enable them to recover cash for the fashion chain.