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 inks deal to audit Europe’s largest luxury pen retailer
Find out moreThe administrators involved in rescuing a retailer of luxury pens have instructed CAPA to audit properties across the business.
CAPA will be auditing 20 stores operated by The Pen Shop Ltd, which has been trading for more than 160 years since its formation in 1858, after the firm was bought out of administration. The buyout saved 40 jobs at the company, which is headquartered in Morpeth, Northumberland, and will now focus on growing its online proposition.
The Pen Shop had recently suffered due to the severe trading conditions for Britain’s high street retailers.
Ultimately, the business entered insolvency in March 2019, when Christopher Ferguson and Linda Farish, business recovery and insolvency practitioners at Newcastle-based firm RMT Accountants and Business Advisors, were appointed joint administrators.
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CAPA called in to audit beauty chain
Find out moreThe liquidators of a large chain of tanning salons have appointed CAPA to audit all properties across the business.
Carter Clark, the business recovery and insolvency firm, has appointed CAPA to conduct full property audits of 14 sites occupied by Premier International Leisure Ltd, which traded as Absolutely Fabulous from salons around the south of England.
As an SME, Absolutely Fabulous had operated a network of successful beauty and sunbed salons for over 20 years.
After challenging trading conditions, the business entered a creditors’ voluntary liquidation. Alan J Clark, co-founder of the business recovery and insolvency firm Carter Clark, was appointed liquidator in June 2019.
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CAPA attends Ascot’s QIPCO King George Weekend
Find out moreCAPA were delighted to attend the opening day of the King George weekend at Ascot on July 26th where 16 guests joined us in our private box.
The QIPCO King George weekend is the most important, historic and glamorous racing meeting on Ascot’s calendar. It is British racing’s summer garden party taking place over two days, which for close on 70 years has been Europe’s mid-season championship race for middle-distance horses.
Ascot has held a unique place in British and social culture since it was founded in 1711 by Queen Anne and today it welcomes more than 630,000 guests each year.
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Deadline extended for TRI Awards
Find out moreWe are once again Headline sponsor of the TRI Awards 2019. Have you entered yet? With 30 categories ranging from Diversity Champion, Turnaround of the Year and Insolvency Team of the Year to the new categories, Special Award for Pro-Bono Service, TRI Employer of the Year and TRI Award for Forensic Investigation of the Year, there’s something for everyone across this dynamic marketplace.
Please Quote CAPA to benefit from a free entry deadline extension to the 9th August.
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KPMG appoints CAPA on latest casualty of Monarch group
Find out moreThe administrators of an aircraft engineering firm, which was part of the collapsed Monarch Airlines Group, have appointed CAPA to audit the company.
As administrators of Monarch Aircraft Engineering Limited (MAEL), the engineering arm of the Monarch group, KPMG has now appointed CAPA to audit business rates paid out at all the vast aircraft hangars used by MAEL.
The company provided engineering maintenance services from hangars at London Luton Airport and Birmingham Airport. MAEL also ran a training academy, sold aircraft spare parts and provided day-to-day services at other UK airports along with four more in Spain, Poland and the Ukraine.
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CAPA sponsors children’s hospital charity golf day 2019
Find out moreCapa were delighted to be Gold Sponsor of The 26th Annual Philip and Bernice Frieze Charity Golf Tournament which took place on Monday, July 15, 2019 at the Pinehills Golf Club in Plymouth, MA. The tournament benefits The Philip and Bernice Frieze Fund at Boston Children’s Hospital.
Since it began in 1994, the tournament has raised over $4.3 million with $500,000 raised at this years tournament. The event was founded by and is organized by employees of Gordon Brothers in the name of the company’s former CEO, Philip Frieze, who passed away in 1993. More information about the event can be found here https://t.co/MKSU0vVde0
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CAPA instructed on former Threshers and Hartley's chain of stores
Find out moreThe liquidators of an off-licence chain with stores around Britain have instructed CAPA to conduct a full property audit on all sites the firm ever occupied.
M&O Trading, which at its peak had more than 180 employees, posted £25m in annual turnover and traded from 45 stores nationwide, entered liquidation in the early part of 2019.
The company, whose stores had traded for many years under the brands Hartley’s, Mulberrys, The Offie and Easy Hours, had previously acquired a network of former Threshers stores in around 2010, after the former off licence chain entered administration.
But M&O Trading later entered financial difficulty itself and ultimately, after several stores closed down, the business entered insolvency. William Batty and Hugh Jesseman, of the insolvency and restructuring firm Anthony Batty & Company, were appointed liquidators in January 2019. Stephen Evans, a colleague and insolvency practitioner at Anthony Batty & Company, was later added as a liquidator in June 2019.
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CAPA instructed on luxury chocolatier with Belgravia and Chelsea stores
Find out moreThe administrators of a luxury chocolate brand with high-end sites across central London have appointed CAPA to audit the retailer’s stores.
BDO has appointed CAPA to audit the head office and five confectioneries run by Rococo, which has been selling luxury chocolate goods on affluent London high streets since 1983.
Like many other retail brands, Rococo has been suffering difficult trading conditions which had impacted its working capital position.
The directors decided an administration was required to provide a stable financial platform to rescue the company. Kerry Bailey and Danny Dartnaill, of the business restructuring division of BDO, were appointed administrators of Rococo on May 23. They are now looking for a buyer of the business.
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CAPA close to securing 30% rent cut for American Golf
Find out moreThe Property team at CAPA is fast approaching a 30% rent saving for American Golf, the specialist sports retailer, after negotiating with landlords to agree new lease terms.
The team have also secured shorter, more palatable leases, and are 90% of the way through transferring 120 stores from the previous company, which is in administration, to the new company owned by turnaround investor Endless.
CAPA was initially retained by Endless to negotiate with American Golf’s landlords in 2018, after Endless purchased the retailer from administrators at Deloitte.
The retailer’s estate comprises a mixture of on-course stores, retail park locations and standalone A-road sites.
CAPA has also recently been negotiating with landlords of properties occupied by other household-name retailers, such as Karen Millen, Go Mobile and Crabtree & Evelyn, to secure new lease terms.
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CAPA terminates leases for Crabtree & Evelyn
Find out moreCAPA has successfully terminated all 14 UK leases held by Crabtree & Evelyn, the luxury bath products retailer, after agreeing landlord surrenders.
Consensual negotiations were held between CAPA’s Property team and the likes of Land Securities, Aviva, Grosvenor and British Land over three months.
The average surrender penalty payment was lower than 12 months’ rent and included arrears, dilapidations and landlord’s professional/legal costs. Throughout 2019, Crabtree & Evelyn has been closing stores in the UK as it moves online.
CAPA has also secured consensual exits on leases for many other household-name retailers, including Karen Millen and Go Mobile.