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 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.
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CAPA appointed after jobs saved at fashion chain
Find out moreAdministrators who rescued a fashion retailer via a pre-pack administration have appointed CAPA to audit the business.
CAPA will be conducting a rates audit on stores in prime locations occupied by Leeds-based Khaadi Fashions, an Asian clothing retailer rescued from administration in September.
Khaadi Fashions had been operating from 10 stores around the country, including sites within London’s two Westfield shopping centres, along with city centre outlets in Manchester, Birmingham, Glasgow and Leeds.
Due to poor-performing stores that were opened in 2018, compounded by high rent costs and deteriorating market conditions in the retail sector, Khaadi Fashions incurred losses throughout 2018 and the first half of 2019.
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Cornerstone instructs CAPA on cases nationwide
Find out moreCornerstone Business Recovery, the Middlesex-based corporate rescue firm, has appointed CAPA to conduct multiple audits on 13 of its cases.
Working with businesses and individuals in financial difficulty, Cornerstone has been operating since 2013, offering corporate recovery, personal insolvency and solvent solutions to clients.
The firm has now instructed CAPA to undertake audits on businesses that Cornerstone is in charge of - either as administrators or liquidators. The businesses operate in various industries, including food manufacturing, construction, fabrics and architecture.
CAPA’s expert team will audit rates paid out by the companies, using bespoke software for a forensic inspection of all data related to payments to local authorities.
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CAPA appointed on over 370 Thomas Cook sites
Find out moreThe special managers of separate divisions of Thomas Cook have appointed CAPA to audit properties across the group.
CAPA will now be auditing 376 sites that Thomas Cook occupied after administrators at KPMG, the accountancy firm, and Alix Partners, the business rescue advisors, were appointed to manage and liquidate separate parts of the travel agency.
KPMG was appointed in September as special managers of the Thomas Cook Retail and Thomas Cook Aircraft Engineering businesses. These appointments include the liquidation of Thomas Cook high street shops and its travel and financial services business.
Alix Partners was appointed as special managers of Thomas Cook Airlines, and Thomas Cook Group Tour Operations, along with several other companies in the group.
The UK’s oldest travel business, Thomas Cook had been trading for 178 years up until its collapse in September 2019. At its peak the group posted £9bn of annual sales, served 19 million customers and employed 22,000 staff in 16 countries.
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CAPA to audit 999 support provider
Find out moreCAPA has been instructed to audit one of England’s largest providers of ambulance support services.
CAPA will be undertaking a property audit at SSG UK Specialist Ambulance Service Ltd - now in an insolvency process - after an instruction from administrators at Leonard Curtis, the insolvency and business rescue firm.
Trading principally from its Rainham base in Essex, SSG provided vital emergency and non-emergency transport services for a range of NHS Trusts. It employed around 80 staff at its head office and managed a pool of about 300 contract staff.
The small business had been suffering financially since 2017, when it posted a significant loss. Ultimately Andrew Beckingham and Siann Huntley of Leonard Curtis were appointed as administrators on September 3 2019. The administrators have been assisting the affected NHS trusts.