As headline sponsor of the Turnaround, Restructuring and Insolvency (TRI) Awards, CAPA would like to congratulate all the winners.
The awards, which recognise the exceptional achievements of TRI professionals who restructure and rescue thousands of businesses every year, were held at the Hilton Bankside London on Wednesday night (November 13).
CAPA has been headline sponsor of the awards for 12 years, supporting efforts to champion insolvency and restructuring practitioners who save hundreds of thousands of jobs by keeping businesses alive.
At the ceremony, hosted by stand up comedian and Eton College alumni Ivo Graham, guests raised more than £18,000 for The Childrens Trust, a charity that supports children with brain injuries.
CAPA presented two of the most prestigious categories of the night - Corporate Rescue of the Year (Large) and Insolvency Team of the Year, which were both won by EY UK Restructuring.
More information on the TRI Awards can be found on the website of the awards organisers - Credit Strategy.
CAPA has been engaged on the baby goods retailer following the company being placed in Administration on November 5th.
Working alongside Gordon Brothers and Administrators at PWC the brief is to agree commercial terms for continued occupation across the store estate. This will cover the wind down period which will eventually see all 79 sites closed.
In parallel the Administrators are seeking buyers for the business or individual leases.
CAPA has been engaged on Links of London, the jewellery chain, following its fall into administration on October 8.
Working alongside Gordon Brothers, and administrators at Deloitte, CAPA’s brief is to agree best commercial terms for the continued occupation of stores during the run up to, and during, Christmas.
In parallel the administrators are seeking buyers for the business or individual leases.
Links of London, which had been suffering due to severe trading conditions, traded from 28 standalone stores and seven concessions across the UK and Ireland.
The administrators of a vegan dining chain that spearheaded a food trend in London have instructed CAPA to audit the business.
CAPA will be undertaking a rates audit at sites run by TOS Realisations – a business that traded as Temple of Seitan at various London sites and specialised in catering to junk food-loving vegans.
The business rapidly gained mythic status in London boroughs, gaining long queues outside its restaurants, as the capital’s only dining chain selling vegan-friendly burgers, wings and fries. The company doubled staff numbers in two years, from 30 to more than 60, after launching in 2016.
But this same rapid growth led to financial problems for the business as costs soared, cash flow problems ensued and debts accrued to creditors. Ultimately, Situl Raithatha and Deviesh Raikundalia, of the business rescue and restructuring firm Springfields Advisory, were appointed as joint administrators on April 4 2019.
Administrators who rescued a fashion retailer via a pre-pack administration have appointed CAPA to audit the business.
CAPA will be conducting a rates audit on stores in prime locations occupied by Leeds-based Khaadi Fashions, an Asian clothing retailer rescued from administration in September.
Khaadi Fashions had been operating from 10 stores around the country, including sites within London’s two Westfield shopping centres, along with city centre outlets in Manchester, Birmingham, Glasgow and Leeds.
Due to poor-performing stores that were opened in 2018, compounded by high rent costs and deteriorating market conditions in the retail sector, Khaadi Fashions incurred losses throughout 2018 and the first half of 2019.
Cornerstone Business Recovery, the Middlesex-based corporate rescue firm, has appointed CAPA to conduct multiple audits on 13 of its cases.
Working with businesses and individuals in financial difficulty, Cornerstone has been operating since 2013, offering corporate recovery, personal insolvency and solvent solutions to clients.
The firm has now instructed CAPA to undertake audits on businesses that Cornerstone is in charge of - either as administrators or liquidators. The businesses operate in various industries, including food manufacturing, construction, fabrics and architecture.
CAPA’s expert team will audit rates paid out by the companies, using bespoke software for a forensic inspection of all data related to payments to local authorities.
The special managers of separate divisions of Thomas Cook have appointed CAPA to audit properties across the group.
CAPA will now be auditing 376 sites that Thomas Cook occupied after administrators at KPMG, the accountancy firm, and Alix Partners, the business rescue advisors, were appointed to manage and liquidate separate parts of the travel agency.
KPMG was appointed in September as special managers of the Thomas Cook Retail and Thomas Cook Aircraft Engineering businesses. These appointments include the liquidation of Thomas Cook high street shops and its travel and financial services business.
Alix Partners was appointed as special managers of Thomas Cook Airlines, and Thomas Cook Group Tour Operations, along with several other companies in the group.
The UK’s oldest travel business, Thomas Cook had been trading for 178 years up until its collapse in September 2019. At its peak the group posted £9bn of annual sales, served 19 million customers and employed 22,000 staff in 16 countries.
CAPA has been instructed to audit one of England’s largest providers of ambulance support services.
CAPA will be undertaking a property audit at SSG UK Specialist Ambulance Service Ltd - now in an insolvency process - after an instruction from administrators at Leonard Curtis, the insolvency and business rescue firm.
Trading principally from its Rainham base in Essex, SSG provided vital emergency and non-emergency transport services for a range of NHS Trusts. It employed around 80 staff at its head office and managed a pool of about 300 contract staff.
The small business had been suffering financially since 2017, when it posted a significant loss. Ultimately Andrew Beckingham and Siann Huntley of Leonard Curtis were appointed as administrators on September 3 2019. The administrators have been assisting the affected NHS trusts.
Mazars, the global accountancy and business recovery firm, has appointed CAPA to conduct property audits on 83 business administrations and liquidations.
As a long-established partner of Mazars, CAPA has been appointed on a wide range of cases spanning multiple sectors and the breadth of the country.
CAPA’s Audit team will be working on properties occupied by firms in industries ranging from aerospace engineering, leisure, tourism, catering and home retail, right through to architects, wine merchants, warehousing, logistics and more.
Among other cities and counties, the team will be auditing sites in London, Nottingham, Stafford, Blackburn, Coventry, Suffolk, Hertfordshire, Kent and up to the tip of Sunderland.
CAPA has acquired a former restaurant property located in Victoria Gate, the shopping centre in the heart of Leeds, for the Wagyu Bar and Grill.
The previous CAU restaurant, part of the Argentinian dining chain that entered insolvency in July 2018, was acquired from Hammerson, the retail property developer and landlord at the £165m shopping arcade in central Leeds.
Opened in 2016 and anchored by a flagship John Lewis store – the largest outside London – Victoria Gate is the biggest premium retail and leisure venue in northern England. The centre hosts global brands such as Tommy Hilfiger, Russell & Bromley, Hackett and T2 as well as a stunning new casino.
Thanks to the acquisition led by CAPA director James Ratcliffe, which was secured at lower rent, Wagyu Bar and Grill will now feature as one of Victoria Gate’s high-end restaurants.