The administrators of two Scottish hotels famously used as wedding venues have called in CAPA to help maximise the sums recovered for creditors.
CAPA will be conducting a rates audit on the Burnhouse Manor Hotel in North Ayrshire and Crowwood House Hotel in North Lanarkshire, after corporate advisory firm FRP Advisory were appointed as administrators of both venues.
The parent company of the two hotels had been impacted by severe trading conditions and a significant tax bill which HMRC called in towards the end of 2018.
The corporate recovery experts who rescued a fishing retail chain, saving the entire workforce of 111 jobs, have instructed CAPA to audit stores across the business.
CAPA will be conducting full property audits on around 16 sites at Fishing Republic, after advisers from Leonard Curtis Business Rescue & Recovery managed to sell the struggling business in an 11th-hour rescue deal.
Based in Rotherham with stores around the country, Fishing Republic is one of Britain’s largest retailers of fishing equipment.
In the lead up to its insolvency, Fishing Republic had endured severe financial difficulties after major investors had withdrawn short-term financial support for the company. This left the business unable to meet working capital requirements.
The administrators of Blue Inc, the fashion retailer previously rescued from collapse, have appointed CAPA to audit over 120 stores across the chain.
CAPA will be conducting a rates audit across at least 121 outlets throughout Blue Inc’s U.K. portfolio, having been instructed by administrators at Begbies Traynor, the business advisory firm.
Blue Inc had endured severe financial difficulties in the past two years. In January 2016 the business placed its trading subsidiary A Levy & Son into administration, before buying back parts of the business including stores in a pre-pack deal led by corporate rescue and advisory firm Leonard Curtis. This deal safeguarded 1,500 across the company.
The administrators of Allied Healthcare, a care home business supporting 13,000 people around Britain, have instructed CAPA to audit 125 properties across the company.
CAPA will be conducting full property and accounts payable audits across the sites, after PwC were appointed as administrators in November 2018.
An employer of more than 8,000 staff, with over 80 branches across England, Scotland and Wales, as well as a subsidiary in Ireland, Allied Healthcare has been one of Britain’s largest care home operators for the elderly and disabled since 1972.
However, the business has suffered from severe financial challenges in the past two years, posting a loss of £1.3m for the year to December 2017. Allied Healthcare also undertook a company voluntary arrangement (CVA) earlier in 2018, but its funding problems persisted for the rest of the year.
The administrators who rescued Evans Cycles from insolvency have appointed CAPA to audit nearly 80 properties across the retailer.
CAPA will be undertaking full property audits, as well as accounts payable audits, on 78 sites throughout the chain after PwC were called in as administrators in October 2018.
As a multi-channel business trading online and through 62 stores on Britain’s high streets, Evans Cycles employs around 1,300 staff. It has been one of the leading independent operators in its field since its formation in 1921.
The administrators of Bridal Fashions, the national chain trading as Berketex Bride, have called in CAPA to audit 15 sites across the retailer.
CAPA’s Audit team have been appointed to undertake property audits on the sites, after administrators at business recovery firm Wilson Field took control of the company in November.
A fully national chain trading for more than five decades, Berketex’s store portfolio spanned Bristol, Newcastle, London’s West End, Dublin, Glasgow, Edinburgh, Birmingham, Manchester and more.
McDonald's have renewed their contract with CAPA for property audit services across all UK and Irish Sites, until mid 2020.
McDonald’s first instructed CAPA in June 2016, as the company looked to make savings and recover cash, which would otherwise have remained undiscovered, across its vast property portfolio.
After a successful partnership, the renewal means CAPA will continue to undertake a forensic analysis of property outgoings and accounts payable information on every site.
CAPA’s auditors will be using bespoke software to uncover multiple elements such as errors in utility bills, or overspend by the company on various payments including insurance and rates. This in turn will help generate cash across the portfolio.
Sofology, the furniture retailer with stores across the country, has instructed CAPA to undertake full property audits across 47 of its locations.
Founded in the north west of England in 1974, Sofology now has more than 1,000 staff across its stores, where sofas ranging from mid-price up to luxury items are sold in professionally-designed room sets.
Renowned as an early adopter of new technology, Sofology is also known for deploying a non commission-based structure for sales staff, who are rewarded on customer service. The move has been a significant driver of its recent rise in turnover.
The business has now instructed CAPA to conduct full property audits nationwide across the 47 outlets – a major undertaking for its audit team.