The administrators of luxury jeweller Links of London have instructed CAPA to audit the firm’s high-street stores across the country.
CAPA will undertake a full property and accounts payable audit on more than 30 properties and stores that Links of London operated from, following an instruction from Deloitte.
It’s CAPA’s second major appointment on the business, after the Property team was engaged towards the end of 2019 to agree best commercial terms with the landlords of Links of London’s stores. This was made to ensure stores were occupied in the run up to and including Christmas.
Links of London had been suffering severe cashflow issues last year amid tough trading conditions in retail. After the directors were unable to conclude potential solutions such as a CVA, refinancing or sale, the business entered insolvency. Matt Smith and Dan Smith, restructuring partners at Deloitte, were appointed joint administrators on October 8 2019.
They have now appointed CAPA to conduct the audits, meaning CAPA’s Audit team will use bespoke software for a forensic inspection of all costs associated with 33 properties the jewellery chain traded from.
This will include rates, utility bills, service charge fees, along with every invoice owed across the entire estate.
CAPA will inspect all the data to uncover any errors or anomalies, before recovering any overspent sums for Links of London’s creditors.
