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 instructed on 30 year surf brand
Find out moreRetail occupier advisor Capa has been instructed on 30 year old surf brand Saltrock. This follows the acquisition of the Devon based company by new owners Broadgate 1972 from Administrators at KPMG on 17th August 2018. Saltrock is now a sister company of the established premium UK lifestyle Brand Crew Clothing.
Currently 25 of the stores are earmarked as having turnaround potential, with 2 of them potentially transferring to operate under the Crew fascia. Capa are liaising with L/L’s and advising Saltrock on optimum lease terms going forward in respect of the stores, locations of which include Croyde, Bude, Newquay, Looe & Woolacombe. Capa Director Mike Sheath commented “being an iconic name in this sector it had obvious appeal to the owners of Crew. So far respective parties are agreeing commercial lease terms and this bodes well for Saltrock’s future despite a very challenging current retail climate.
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TRI awards menu tasting day
Find out moreCAPA were delighted to attend the TRI Awards menu tasting day yesterday at the Hilton, London. The food was delicious!
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Tri Awards 2018 shortlist announced
Find out moreCongratulations to all the nominees who have made the Tri awards shortlist!
We look forward to seeing you all in November!
https://www.creditstrategy.co.uk/triawards-info/triawards-info/shortlist
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Administrators of care home operator appoint CAPA
Find out moreThe administrators of a care home operator in Scotland have instructed CAPA to audit properties across the firm, as a buyer is sought for the business.
Tom MacLennan, Iain Fraser and Chris Stevens, partners at the business advisory firm FRP Advisory, were appointed joint administrators of Bertinaley Care Ltd on September 11 2018.
The company operates four care homes in Hamilton, Largs, Dundee and Surrey, providing residential care, nursing care and respite care for up to 68 residents. The business had been suffering under a number of operational challenges and a decline in resident numbers, which resulted in severe cash flow problems which couldn’t be resolved.
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CAPA appointed on property firm as pre-pack saves 100 jobs
Find out moreThe administrators of a Bolton-based estate agents, who saved over 100 jobs at the firm via a pre-pack rescue deal, have instructed CAPA to conduct a property audit across the business.
Julien Irving and Andrew Poxon of Leonard Curtis Business Rescue & Recovery were appointed joint administrators of Miller Metcalfe in August 2018.
Miller Metcalfe operates predominantly as a real estate agents from various locations across north Manchester, Cheshire and Lancashire, but also provides property survey and management services.
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CAPA instructed after jobs saved at manufacturer
Find out moreCAPA is now auditing properties at a Hull-based plastics manufacturer, after a pre-pack administration saved over 30 jobs across the business.
Liv Supplies, which provided plastics to the building trade and positioned itself as a one-stop shop for plastic materials, experienced severe financial difficulties in the first half of 2017.
After the business was hit by historic liabilities and left with an insolvent balance sheet, Robert Adamson and Patrick Lannagan, from the business restructuring services division of Mazars, were appointed joint administrators in August of that year.
Upon their appointment, the administrators immediately secured the sale of the business to a new company, Liv Supplies Yorkshire, in a pre-pack deal that saved 33 jobs and enabled the business to continue trading.
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CAPA to audit grand London cafés, as latest dining chain collapses
Find out moreThe administrators of a restaurant chain have instructed CAPA to conduct a property audit on the company’s prime central London locations.
Martha Thompson and Sarah Rayment, of the accountancy and advisory firm BDO, were appointed administrators of Villandry Foodstore Restaurant Ltd in August 2018.
The dining chain had endured similar financial problems to those impacting other restaurant businesses around the country – particularly rising rents across its sites.
In 2017 the group, which had been serving customers for 20 years, saw rent at its Great Portland Street property, which sits near Regents Park and Marylebone in central London, double. The rent at its St James’s restaurant, located near Trafalgar Square and Piccadilly Circus, also increased 16% during the same year.
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Jamie Oliver instructs CAPA on 60 properties
Find out moreThe Jamie Oliver Group has instructed CAPA to conduct a property and accounts payable audit on 60 stores and restaurants across the chain.
The Jamie’s Italian chain entered a company voluntary arrangement (CVA) in the beginning of 2018, led by business recovery and turnaround specialists AlixPartners, to reshape the business.
The CVA secured the backing of creditors to cut rent costs across the outlets and restructure some rent bills to be paid monthly rather than quarterly. Closures of 12 sites were included in the wider restructuring plan.
Like other casual dining chains, the business had been affected by rents, rates, the decline of the high street, food costs and the minimum wage.
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CAPA called in as menswear retailer survives
Find out moreCAPA is now auditing 68 properties at a menswear chain that became one of the first casualties in a tumultuous year for retailers.
With roots dating back to 1860, Greenwoods Menswear is a retailer of formal and casual menswear, including shoes and accessories, which recently boasted a turnover of around £20m. It also offers a formal suit hire service, under the company’s 1860 brand.
The company had operated from 63 stores and two concessions throughout the UK, with its head office and warehouse located in Bradford, west Yorkshire. Until late 2017 the company also employed over 300 staff.
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CAPA called in as RSM saves jobs at bakery chain
Find out moreCAPA is seeking to recover cash for the creditors of a long-standing family bakery business, after high street pressures forced the firm to put its retail business into liquidation.
Aulds, which traded from 26 sites around Scotland, is one of the largest independent bakery group’s in the country, having grown since its inception in 1900.
But in August 2018 the group placed its retail arm, Thomas Auld & Sons Limited, into liquidation as part of a wider group turnaround plan. Paul Dounis and Steve Ross of RSM Restructuring Advisory were appointed joint liquidators of the retail business on August 2.
Pressure from high street and supermarket competition, as well as increasing ingredient, distribution and wage costs, dragged the group’s retail business into an unsustainable loss-making position.