The administrators of a group of international fashion and footwear companies have instructed CAPA to undertake audits at sites the company traded from.
Teneo Restructuring, the corporate restructuring unit of the global advisory firm, was appointed late last year as administrators of GBG Europe Footwear and Accessories, GBG International Holding Company and TVM Fashion Lab.
GBG International Holding Company owns 51% of Seven Global, the licensing platform for David Beckham to promote partnerships with global brands.
Since its appointment to the fashion and footwear companies, Teneo Restructuring has instructed CAPA to conduct the rates audits on 10 international sites across the business.
The GBG companies designed, marketed and sold fashion accessories, footwear and apparel products through partnerships with global brands and brand ambassadors including Beckham.
TVM was one of the main trading entities and it designed products for partners including Sony Playstation, and the manufacturers of video games including Fortnite and Minecraft. This business suffered a decline in revenue through 2020 and 2021, mainly due to enforced lockdowns and reduced orders from retailers, and is now in the process of being wound down.
GBG Europe Footwear and Accessories had a different outcome. While its revenues also declined during the same period, partly due to the loss of a licensing agreement with Calvin Klein, its future was secured after it went through a pre-pack sale to Centric Brands International Europe.
Since Teneo has been managing the administration processes for the companies, they have instructed CAPA to conduct the audits.
This means CAPA’s Audit team will conduct a forensic inspection of data related to rates paid out to local authorities across the 10 sites.
Using bespoke software, CAPA will seek to identify any anomalies or errors, and then recover any overspend for the creditors.