The administrators of a popcorn manufacturer that supplied 90% of the UK’s cinema industry have instructed CAPA to audit the business.
CAPA will be conducting a rates audit at Thomas Tucker, a Nottinghamshire-based independent provider of snacks to supermarkets as well as cinema chains across the entire country, after it entered insolvency.
The company, which traded under the Tommy Tucker brand and employed more than 100 staff, had been a well-known business having supplied cinemas for nearly 30 years. In the year leading up to September 2019, the business had been suffering financial difficulties for various reasons, including a product recall.
Ultimately, Adam Harris and Patrick Lannagan, of the insolvency and business recovery firm Mazars, were appointed joint administrators of the company on September 23 2019.
CAPA has announced two new senior hires in its growing Ratings division, as the property and audit consultancy ramps up its support for retailers and the turnaround and restructuring profession.
Charted surveyor Susan D’Arcy has joined CAPA as a rating consultant, bringing a wealth of experience having worked for a national property consultancy for 12 years. Prior to this role, she spent 16 years as a senior surveyor at the Valuation Office Agency.
Susan will play a key role within a team managing rating appeals and audits for more than 30 retailers at present. The Ratings division is also involved in many high-profile administrations and turnarounds for a variety of commercial occupiers throughout the UK.
Nicola Connell will also take a leading role in driving CAPA’s audit services for retailers. Nicola brings nearly 25 years of experience, having worked for the past 20 years with national rating practices.
She will also be working on CAPA’s increasing support for turnaround, restructuring and insolvency practitioners on large administrations and turnarounds for commercial property occupiers.
Susan can be contacted on:
Nicola can be contacted on:
CAPA are delighted to be sponsoring the St Andrew's Boxing Club Burns Night Supper on Thursday 30th January at the Radisson Blu, in Glasgow.
The Burns night Boxing Supper will feature Dumbarton boxer Martin Harkin, who is the current Celtic Welterweight champion. He will take part in the British Title Eliminator Fight against Lancashire's James Moorcroft.
Also featuring on the night will be Andy Tham on the under card to take on his third Pro Fight and first 6 round bout and Stepp's boxer Nathaniel "The Nightmare" Collins who has had an exciting start to his boxing career so far.
Find out more here - https://www.standrewssportingclub.com/
The administrators who saved Clintons in a rescue deal have appointed CAPA to audit hundreds of stores across the retailer.
CAPA will be conducting a full accounts payable audit, as well as a full property audit, on 383 properties occupied by Clintons, after KPMG completed a rescue package for the greeting card chain.
AG Retail Cards Ltd, the company that traded as Clintons, had been suffering cash flow pressures due to a maelstrom of issues impacting the sector, such as business rates, fragile consumer confidence and uncertainty around the taxation of online retail businesses.
Eventually, Will Wright and Steve Absolom from KPMG’s restructuring practice were appointed joint administrators to AG Retail Cards on December 4 2019.
Sports Direct, one of the UK’s largest sports retail chains, has engaged CAPA to audit more than 730 properties the business occupies.
CAPA will be conducting a full property audit at the sites where the retailer, led by Newcastle United owner Mike Ashley, trades and operates from.
The instruction marks one of many ‘live’ cases CAPA has worked on throughout the past year with major retail brands, such as Hotter Shoes, pet superstore Jollyes and hardware chain Wilko, where the team was called in to inspect costs and save vast sums for those businesses.
CAPA will be auditing all property-related costs on 732 sites for the chain. The Audit team will use bespoke software to carry out a forensic audit of outgoings including service charge fees, rates and utility bills.
Luxury fashion retailer Ted Baker has instructed CAPA to audit more than 50 of its stores around the UK.
CAPA will be conducting a service charge audit on the properties, most of which are in prime locations in all major city high streets and airports, to help the retailer save and recover costs across its store portfolio.
Ted Baker trades from nearly 500 outlets and concessions around the world, with the majority operating in the UK and USA. Engaging CAPA will help the business save potentially vast sums amid a tough trading environment for retailers.
The instruction means CAPA’s Audit team will now use bespoke software to conduct a forensic audit of service charge management costs on 51 sites Ted Baker trades from.
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.
The administrators of Mothercare UK have instructed CAPA to audit more than 200 properties across the retail chain, as they seek to recover cash for creditors.
PwC has appointed CAPA to conduct a full property and accounts payable audit across the sites including 79 stores Mothercare traded from, after the retailer collapsed into administration in November.
This is CAPA’s second major appointment on Mothercare. PwC appointed the Property team earlier in 2019 to agree commercial terms to ensure continued occupation of the entire store portfolio.
Mothercare UK entered insolvency in November after making losses in recent years and suffering due to changing customer behaviour and increased competition.
David Baxendale, Zelf Hussain and Mark Banfield of PwC were appointed joint administrators of Mothercare UK Ltd on November 5 2019.
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 Mothercare, after the baby goods retailer was placed into administration on November 5.
Working alongside Gordon Brothers and PWC - the administrators of Mothercare - 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