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 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.
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PwC appoints CAPA on 200 Mothercare properties
Find out moreThe 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.
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CAPA congratulates all winners of TRI Awards 2019
Find out moreAs 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.
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CAPA instructed on Mothercare
Find out moreCAPA 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
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CAPA instructed on luxury jewellery stores
Find out moreCAPA 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.
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CAPA appointed on iconic vegan restaurant chain
Find out moreThe 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.