News

Mazars instructs CAPA on over 80 appointments

Mazars, the global accountancy and business recovery firm, has appointed CAPA to conduct property audits on 83 business administrations and liquidations.

As a long-established partner of Mazars, CAPA has been appointed on a wide range of cases spanning multiple sectors and the breadth of the country.

CAPA’s Audit team will be working on properties occupied by firms in industries ranging from aerospace engineering, leisure, tourism, catering and home retail, right through to architects, wine merchants, warehousing, logistics and more.

Among other cities and counties, the team will be auditing sites in London, Nottingham, Stafford, Blackburn, Coventry, Suffolk, Hertfordshire, Kent and up to the tip of Sunderland.

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CAPA acquires prime Leeds site for growing restaurant group

CAPA has acquired a former restaurant property located in Victoria Gate, the shopping centre in the heart of Leeds, for the Wagyu Bar and Grill.

The previous CAU restaurant, part of the Argentinian dining chain that entered insolvency in July 2018, was acquired from Hammerson, the retail property developer and landlord at the £165m shopping arcade in central Leeds.

Opened in 2016 and anchored by a flagship John Lewis store – the largest outside London – Victoria Gate is the biggest premium retail and leisure venue in northern England. The centre hosts global brands such as Tommy Hilfiger, Russell & Bromley, Hackett and T2 as well as a stunning new casino.

Thanks to the acquisition led by CAPA director James Ratcliffe, which was secured at lower rent, Wagyu Bar and Grill will now feature as one of Victoria Gate’s high-end restaurants.

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CAPA to seek occupancy cost savings for UK footwear retailer Schuh

Genesco, the owner of UK footwear retailer Schuh, has instructed Capa to seek occupancy cost savings across its 130 store estate. 

Capa will immediately engage with landlords to explore rent reductions as part of an overall process to reverse the current loss making. This being a prerequisite to the required refinancing of the business given the expiry of the current loan term. 

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CAPA instructed after chicken chain saved

The administrators of a fried chicken restaurant chain, who saved the business and most of its employees’ jobs via a sale, have instructed CAPA to audit the company’s sites.

CAPA will be undertaking full property audits at sites occupied by Dirtybird Restaurants, which traded as Bird Restaurants from prime London locations such as Camden, Canary Wharf, Shoreditch and Westfield.

Restructuring, recovery and insolvency firm BM Advisory appointed CAPA after being drafted in to find a way forward for the chain. Dirtybird Restaurants had been suffering a series of financial pressures, exacerbated by difficult trading conditions across the casual dining industry and an unsuccessful refinancing process.

In a public statement BM Advisory said the funding market for small and medium-sized businesses in this sector has narrowed, and the knock-on effects of this led to Dirtybird’s insolvency.

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CAPA appointed after PwC rescues 400 jobs at recycler

The administrators who rescued a waste collection and recycling company, saving more than 400 jobs in the process, have instructed CAPA to audit sites across the business.

CAPA will be conducting a rates audit at properties around the north of England run by MUKR (formerly Mid-UK Recycling Ltd), after business recovery experts at PwC were called in at the 11^th hour.

MUKR, based in Sleaford, Lincolnshire, had operated from various sites, recycling agricultural and industrial waste and providing renewable fuels. The business had suffered severe cashflow problems during the 18 months to June 2019, when a large capital expenditure programme, a fire at one of its plants, and a loss-making contract reduced revenues.

In the end, Michael Denny and Toby Underwood, of PwC, were appointed administrators of the business on June 12 2019.

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CAPA to audit stores at Yorkshire retailer

The administrators of a Yorkshire-based linen retailer have instructed CAPA to audit all stores the business occupied, to fuel recoveries for creditors.

CAPA will be undertaking full property audits at all stores occupied by The Towel Rail Ltd, which traded from 19 stores around the north of England as The Yorkshire Linen Company. At its peak, the chain traded from 43 stores nationwide, selling towels, bedding and curtains.

But like other retailers, the firm had recently suffered under the challenging and unpredictable trading conditions now affecting retail chains around the country.

After a company voluntary arrangement (CVA) process ended earlier this year, Francis Newton and Sarah Rayment, from the Leeds office of business advisory firm BDO, were then appointed administrators on June 13.

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CAPA inks deal to audit Europe’s largest luxury pen retailer

The 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

The 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

CAPA 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

We 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.

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Please Quote CAPA to benefit from a free entry deadline extension to the 9^th August.

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