The administrators of a discount retailer who managed to sell the chain and its assets out of administration have appointed CAPA to help generate further returns to creditors.
Corporate restructuring and advisory firm FRP has instructed CAPA to conduct audits on JTF Wholesale, which trades as JTF Mega Discount, after the chain was sold to a new venture led by fellow discount retailer Bargain Buys.
After a challenging trading period for the business and a series of unsuccessful restructuring processes, the directors of JTF Wholesale were left with no choice but to cease trading.
Marco Piacquadio and Nathan Jones, partners in the restructuring advisory team at FRP, were appointed joint administrators on August 31.
Following an extensive sales process, which the FRP team conducted pre and post-appointment, they secured a sale of the company’s brand and other assets to a venture led by Bargain Buys – a subsidiary of Poundstretcher.
As part of the sale, which includes stock, equipment and intellectual property rights, the new ownership team has purchased the licence to open and operate nine JTF Mega Discount stores.
FRP has also since appointed CAPA to conduct rates audits on all of the 14 sites JTF traded from.
This means CAPA’s Audit team will use bespoke software to carry out a forensic inspection of rates paid to councils across the firm’s locations.
They will interrogate the data to identify any errors or anomalies, before recovering any overpaid sums for the creditors of JTF, on a no-win no-fee basis.
