News
Here you can find CAPA’s latest appointments to undertake forensic audits, as well as instructions for property services from a range of blue-chip clients including retailers, insolvency practitioners, leisure operators, banks and venture capitalists.
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Deloitte appoints CAPA on food supplier
Find out moreThe administrators of a food supplier whose orders were wiped out by the pandemic have appointed CAPA to audit properties the business traded from.
CAPA will be conducting property audits at various sites that Adelie Foods occupied, after taking an instruction from administrators at Deloitte.
Adelie had been an employer of more than 2,000 staff, trading from more than 10 premises around the country. The business had previously been suffering due to pricing pressures in a competitive market, and its ability to cover its cost base. These issues were exacerbated when its order book from clients was heavily impacted by the enforced closure of restaurants.
In the end, Rob Harding, who has taken on major retail insolvencies including Oasis and Warehouse this year, and Richard Dawes of Deloitte, were appointed administrators on May 26 2020. The administrators have since been looking for a buyer of the business.
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PwC instructs CAPA on 180 Laura Ashley stores
Find out moreThe administrators of fashion chain Laura Ashley have appointed CAPA to audit 180 stores the business occupied, after the lockdown claimed another high street casualty.
PwC instructed CAPA to conduct a full property and accounts payable audit across the entire business, after being appointed as administrators soon after the national lockdown took effect.
Another lifestyle brand affected by the pandemic, Laura Ashley specialises in furniture retailing, home accessories, decorating and fashion products. The group had retail stores based in the UK, Republic of Ireland and France, as well as franchise and licensee operations in 25 territories across the world.
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CAPA instructed on 70 Cath Kidston outlets
Find out moreThe administrators of women’s fashion chain Cath Kidston have appointed CAPA to audit 70 sites across the business, after the retailer entered a pre-pack administration.
CAPA will be conducting a full accounts payable and property audit of sites Cath Kidston traded from around the UK, after the business was kept alive as an online-only retailer after the administration.
With around 950 staff, and more than 200 stores in 16 countries, Cath Kidston had been a long-established retailer of women’s fashion, home furnishings and beauty products.
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CAPA appointed over 90 Oasis/Warehouse stores
Find out moreThe administrators of the Oasis and Warehouse fashion chains have appointed CAPA to audit stores the businesses traded from around the UK, as another high street retailer fell victim to the effects of Covid-19.
CAPA, which will be conducting full property and accounts payable audits at 92 sites that the two chains occupied, was instructed by administrators at Deloitte.
As staples of high streets and shopping malls across the country, Oasis and Warehouse had employed around 1,800 staff, but similar challenges that all fashion retailers face had affected the group in the past year.
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CAPA appointed on fashion chain, after KPMG saves 800 jobs
Find out moreThe administrators who rescued a high street fashion chain from insolvency have appointed CAPA to audit more than 80 of the company’s stores.
KPMG instructed CAPA after completing a sale of Kast Retail Ltd (KRL) – a subsidiary of AIM-listed fashion retailer Quiz – in a move that safeguarded more than 800 jobs.
Headquartered in Glasgow, KRL operated 82 Quiz Clothing leasehold retail stores across the UK and Ireland.
Like other high street fashion retailers, KRL had experienced trading difficulties including falling footfall, declining average customer spend and rising operating costs. Earlier this year the group closed all KRL stores, with the majority of staff placed on furlough.
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PwC appoints CAPA on furniture and beds retailers
Find out moreThe administrators of Bensons for Beds and Harveys furniture stores have instructed CAPA’s audit and property divisions to help them save and recover cash through the restructuring process.
CAPA’s audit team will undertake full property and accounts payable audits across both companies, while the property team holds negotiations with landlords to agree temporary occupational terms on Harveys stores, as PwC markets the business.
The two retailers were part of a group which had been posting revenues of more than £600m, but they had this year faced severe trading conditions which affected Harveys in particular. This resulted in cash flow pressures, exacerbated by the effects of coronavirus on the supply chain and customer sales.
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CAPA appointed on Café Rouge and Bella Italia restaurants
Find out moreThe administrators of Café Rouge and Bella Italia have appointed CAPA to conduct full audits on more than 250 restaurants and properties occupied by the chains.
CAPA will be undertaking a large-scale audit of accounts payable data across the company, as well as audits of all property costs throughout each of the restaurants, after the business recovery firm AlixPartners was appointed to the chains’ owner, Casual Dining Group.
This marks the latest of CAPA’s many appointments to audit dining chains with sites around the country, after the Audit team was recently instructed on The Handmade Burger Co, and WrapChic, and others during the past year.
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CAPA appointed on another casualty in casual dining market
Find out moreThe administrators of The Handmade Burger Co. have appointed CAPA to audit the business, as over-capacity across the casual dining sector triggered another insolvency.
Leonard Curtis Business Rescue & Recovery has instructed CAPA to undertake a rates audit at nearly 20 properties the restaurant chain traded from and occupied, after the company entered administration.
After a significantly challenging trading period of around four years for most restaurant operators, The Handmade Burger Co. suffered particularly due to over-capacity across the market, leading to a halving of sales during 2019 compared to previous years, and a withdrawal of support from a secured creditor.
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CAPA appointed on fusion fast food franchise
Find out moreThe liquidators of a popular fast food chain that operated nationwide have appointed CAPA to audit the business.
CAPA will be conducting a rates audit of sites at Wrapchic, which specialised in melding Mexican dishes with Indian ingredients. The franchise operated from outlets in high streets and shopping centres around the country, with a strong presence in the midlands, Yorkshire and London.
While it had traded at one point as a successful chain, the company’s financial problems stemmed from the fact that leases on 14 premises it operated from were in the company’s own name – not the franchisees who ran them.
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CAPA to audit nearly 150 sites for fashion retailer
Find out moreA national men’s and women’s fashion retailer has instructed CAPA to undertake a widescale audit of its stores and invoices, as the firm seeks savings across the entire business.
The Original Factory Shop, which has been trading since the late 1960s, has appointed CAPA to conduct a full property and accounts payable audit as the business looks to generate savings during the lockdown.
The retailer sells major fashion brands including Jimmy Choo and Calvin Klein, as well as sportswear including Nike, Adidas and Slazenger, with significant discounts. While it has been preparing safer shopping experiences for customers and donating £50,000 of goods to the NHS and care homes, the business has sought CAPA’s help to conserve more cash.