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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CAPA appointed on major building contractor
Find out moreAdministrators of one of the north west’s largest building contractors have appointed CAPA to audit properties across the business.
Corporate restructuring and advisory firm Grant Thornton has appointed CAPA to audit sites occupied by Pochin Construction Ltd – a contractor that entered insolvency last year after experiencing serious financial problems stemming from residential building contracts.
Pochin was one of several firms within a construction and property development group, established more than 80 years ago. The group delivered projects around the north west and at its peak, was posting £60m in turnover.
But into the first half of last year, the company faced financial distress due to a legacy residential contract. The business also experienced challenges in securing bridging financing and trying to secure new contracts. Eventually Sarah O’Toole and Jason Bell of Grant Thornton were appointed administrators in August 2019.
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CAPA to sponsor TRI Awards for 13th consecutive year
Find out moreAs a lifelong supporter of the business rescue profession, CAPA has once again signed up as headline sponsor of the Turnaround, Restructuring & Insolvency (TRI) Awards 2020.
2020 marks the 13th year in succession that CAPA has been headline sponsor of the awards, which recognise the individuals, teams and companies who are best in class in the turnaround and restructuring arena.
Those championed through the awards are responsible for saving tens of thousands of jobs, by rescuing hundreds of companies each year.
At the 2019 ceremony last year, CAPA welcomed guests with an opening speech, before presenting 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.
The independent judging panel for the TRI Awards is drawn from leaders across the UK’s largest insolvency and restructuring firms, turnaround specialists, international restructuring practices, law firms, regulators and service providers. More information can be found on the TRI Awards website.
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CAPA announced as main sponsor of R3 Annual Conference
Find out moreCAPA will be the main sponsor of this year’s R3 Annual Conference, as the trade association for insolvency and restructuring professionals marks its 30th year.
Due to be held at De Vere Beaumont Estate Windsor between May 13 and 15, the R3 Annual Conference will feature three days of cutting-edge technical content, thought leadership and networking. RAF pilot Mandy Hickson has recently been announced as a keynote speaker and will explain to guests how she’s overcome various challenges in her flying career.
Around 200 conference delegates will be at the venue – which boasts 400 modern and luxury suites, a state-of the-art conference village and 44 acres of grounds featuring commissioned sculptures and natural ponds close to the River Thames.
This year, the first 150 conference tickets sold will come with a complimentary ticket on R3’s River Cruise on the evening of Wednesday May 13. This will be a 90-minute trip on the Queen of the Thames, the largest boat on the Upper Thames, into Windsor.
More information on the conference can be found on R3’s website.
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CAPA appointed on UK’s largest popcorn maker
Find out moreThe 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.
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CAPA expands ratings division with new hires
Find out moreCAPA 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:
SusanD@capa.uk.com
07367661167
https://www.linkedin.com/in/susan-d-arcy-bsc-mrics-889178116/
Nicola can be contacted on:
nicola@capa.uk.com
07872384306
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CAPA sponsor St Andrew's Boxing Club Burns Night Supper
Find out moreCAPA 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/
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CAPA appointed on over 380 Clintons sites, after 2,500 jobs saved
Find out moreThe 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.
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CAPA to audit over 700 Sports Direct sites
Find out moreSports 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.
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Ted Baker calls in CAPA for live audit
Find out moreLuxury 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.
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CAPA secures second appointment on luxury jewellery chain
Find out moreThe 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.