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 after wedding dress retailer’s collapse
Find out moreThe administrators of Bridal Fashions, the national chain trading as Berketex Bride, have called in CAPA to audit 15 sites across the retailer.
CAPA’s Audit team have been appointed to undertake property audits on the sites, after administrators at business recovery firm Wilson Field took control of the company in November.
A fully national chain trading for more than five decades, Berketex’s store portfolio spanned Bristol, Newcastle, London’s West End, Dublin, Glasgow, Edinburgh, Birmingham, Manchester and more.
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McDonald’s renews CAPA contract for 1345 sites
Find out moreMcDonald's have renewed their contract with CAPA for property audit services across all UK and Irish Sites, until mid 2020.
McDonald’s first instructed CAPA in June 2016, as the company looked to make savings and recover cash, which would otherwise have remained undiscovered, across its vast property portfolio.
After a successful partnership, the renewal means CAPA will continue to undertake a forensic analysis of property outgoings and accounts payable information on every site.
CAPA’s auditors will be using bespoke software to uncover multiple elements such as errors in utility bills, or overspend by the company on various payments including insurance and rates. This in turn will help generate cash across the portfolio.
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Furniture retailer instructs CAPA on national store chain
Find out moreSofology, the furniture retailer with stores across the country, has instructed CAPA to undertake full property audits across 47 of its locations.
Founded in the north west of England in 1974, Sofology now has more than 1,000 staff across its stores, where sofas ranging from mid-price up to luxury items are sold in professionally-designed room sets.
Renowned as an early adopter of new technology, Sofology is also known for deploying a non commission-based structure for sales staff, who are rewarded on customer service. The move has been a significant driver of its recent rise in turnover.
The business has now instructed CAPA to conduct full property audits nationwide across the 47 outlets – a major undertaking for its audit team.
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PwC instructs CAPA on fashion chain, as 600 jobs saved
Find out moreThe administrators of Coast, another retail victim of Britain’s high street crisis, have instructed CAPA to conduct a full accounts payable audit on all sites, goods and services across the entire chain.
PwC also instructed CAPA to conduct a full property audit on 21 Coast stores, after saving parts of the business in a rescue deal.
During a year in which many retailers have entered insolvency, Coast had been suffering due to structural challenges in the marketplace, particularly in the concession partner market, along with a softening of demand for the ‘premium occasion’ fashion wear the business trades in.
After a period of financial distress, Michael Denny, Zelf Hussain and Ian Green of PwC were appointed joint administrators of Coast on October 11 2018.
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CAPA at the TRI Awards 2018
Find out moreCAPA would like to wish congratulations to all winners at the Turnaround, Restructuring and Insolvency (TRI) Awards which took place on Tuesday November 6th at the Hilton London Bankside.
As headline sponsor of the TRI Awards for many years, CAPA has supported and continues to support the public recognition of individuals, teams and companies at the peak of this profession. The full TRI Awards shortlist, which this year features a record number of individual companies in the final running, can be seen on the website of Credit Strategy – the organisers of the awards and today’s TRI Conference.
The TRI awards was hosted by Ed Byrne, the stand up comedian and star of Mock the Week.
Overall, 26 awards were given out on a night which highlighted achievement and vital work in an industry which seeks to rescue struggling businesses and provide the best outcome possible for creditors.
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New American Golf owner retains CAPA on over 100 sites
Find out moreCAPA has been retained by the new owners of American Golf, the specialist sports retailer, following its acquisition from administrators at Deloitte in October.
The Endless-funded business now occupies 111 trading sites under licence and is looking to CAPA to secure new lease terms by negotiation with landlords. The estate comprises a mixture of on-course stores, retail park locations and stand-alone A-road sites.
The purchase of the business by the private equity investor safeguarded more than 900 jobs at the retailer.
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Wilko appoints CAPA on 400-site estate
Find out moreSpecialist tenant adviser CAPA has been engaged by UK hardware retailer Wilko as part of its strategy to right-size its store portfolio.
Through a series of lease restructuring, store relocations and part disposals, CAPA will seek to trim 3m sq ft of excessive or unused space across the 400-site estate over a three-year period. In turn this will enable Wilko to prioritise stores for re-fits and general modernisation.
In addition, CAPA is negotiating rent reviews against landlords on more than 100 of the leases.
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Alvarez & Marsal instructs CAPA on world-renowned classic car specialist
Find out moreAlvarez & Marsal Europe, the business advisory group, has appointed CAPA to conduct a rates audit at a classic car restoration firm saved from the brink of collapse.
Based at a head office in Maldon, Essex, JD Classics has an illustrious history in restoring classic cars, as well as running its own racing team, which has competed successfully at international races including the Goodwood Revival, the Le Mans Classic, the Spa 6 hrs and the Silverstone Classic.
Hundreds of classic cars worth a fortune, such as the 1958 Jaguar XK150 Drophead Coupe, and the 1956 Porsche Speedster, are brought to JD Classics from around the world for restoration
After the company experienced financial difficulties earlier this year, Mark Firmin, Richard Beard and Richard Fleming of Alvarez & Marsal were appointed joint administrators of the business on September 20 2018.
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CAPA’s property team welcomes new director
Find out moreCAPA has announced the appointment of retail surveyor James Ratcliffe, who began in his new role on October 8.
Formerly head of retail at the Leeds office of property advisory business GVA, James is joining as a director, taking responsibility for asset management of the 300-store estate of fashion retailer Bonmarchè.
He joins the property team led by CAPA’s co-founder and director Mike Sheath, who pioneered a major lease restructuring programme across Bonmarchè’s store portfolio, to ensure its property chain was sustainable.
Mike said: “James brings a wealth of knowledge and experience with him, which will help develop CAPA’s growing portfolio of retailer clients across the UK.”
James’s role will include leasehold acquisitions of retail and leisure property, freehold acquisitions of retail, leisure, development and investment property, leasehold disposals, freehold disposals, rent reviews and lease renewals.
James can be contacted at james@capa.uk.com
