VIP Member. The owner of Go Outdoors has bought back the business for £56.5 million after pushing it into administration. Bonmarché appoints RSM for second administration in 18 months. Go To Site . By Newsquest Digital Content Team Go Outdoors store in Saltney. It said the move will “preserve as many jobs as possible” at the troubled retailer, which sells waterproof clothing, bikes and camping products. Reporter, Accountancy Daily, published by Croner-i Ltd. View profile and articles. Go Outdoors goes into administration – but is bough back by JD Sports ready for restructure and store lease revamp As expected, JD Sports has put Go Outdoors into administration – however, the retail group has bought back the camping chain as it sees it as a viable business if it can be restructured, pay down its debts and renegotiate leases. The group filed the notice on Friday and is understood to have lined up restructuring experts from Deloitte. JD Sports has bought back retail chain Go Outdoors after placing it into administration earlier in the week, which we reported on here.The company claims that the deal, which is said to be structured as a pre-pack administration sale, will preserve “as many jobs as possible” and honours existing agreements with suppliers. Pat Sweet. However, while owner JD Sports insists it will protect ‘the maximum number of jobs possible’, it also confirmed it will now push forward with large-scale restructuring efforts. Go Outdoors is the latest retailer pushed to the brink during the coronavirus crisis. To inquire about a licence to reproduce material, visit our Syndication site. News. JD Sports Group, owner of the GO Outdoors brand, has confirmed that it is ‘looking at options’ for the chain after reports emerged that bosses were poised to call in administrators. 1; 2; 3; First Prev 3 of 3 Go to page. The firm confirmed that it intends to “retain the majority” of its retail stores across the country – though that statement does notably make room for some closures and job losses in the future. Deloitte handles £56m Go Outdoors pre-pack administration . An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Consulting firm Mace & Menter has won a competitive tender to work with the NHS on a series of projects to adapt and innovate health services in the South West. The move could potentially put 2,400 jobs at risk across its 67 stores. By buying its own subsidiary, Kast Retail, out of administration, Quiz was able to begin a restructuring programme, which includes the renegotiation of rent on its 82 standalone stores in the UK and Ireland. We've got a full round-up of all the shops and restaurants that have gone bust here. JD Sports has put Go Outdoors into administration, just four years after buying the company for £112million. Paperchase becomes latest victim of Covid-19 recession. JD Sports Fashion has filed a notice to appoint administrators to its Go Outdoors brand. In late 2020, fashion retailer Bonmarché fell into administration for the second time in 14 months, placing 1,500 jobs at risk. The owner of Go Outdoors has bought back the business for £56.5 million after pushing it into administration. The chain has a large store in Old Abingdon Road, Oxford. Deloitte has unveiled plans to almost triple its consulting team in the North of England. The Sun has contacted JD Sports group for additional comment and we'll update this article when we hear back. Consultants share their predictions for 2021, As a new year brings an end to some long-running issues, while posing a whole new list of uncertainties, many firms still face countless challenges regarding digitalisation, workplace relations and n, Deloitte plans to nearly triple its consulting team in the North. Peter Cowgill, Executive Chairman of JD Sports, said, “Having investigated all available options for the business, we firmly believe that this restructuring will provide Go Outdoors with a platform from which it can progress whilst remaining a member of the group. He also urged people stepping outdoors for employment to wear face masks and maintain social distancing protocols. The owner of Go Outdoors has bought back the business for £56.5 million after pushing it into administration. For further details of our complaints policy and to make a complaint please click this link: thesun.co.uk/editorial-complaints/, Comments are subject to our community guidelines, which can be viewed, Go Outdoors could be the next retailer to fall into administration, Shoppers queue with social distancing measures as high street reopens in UK, shops and restaurants that have gone bust, Independent Press Standards Organisation (IPSO). By Grace Whelan 22 June 2020. In a statement on the London Stock Exchange website, JD Sports Fashion PLC said: "The Group can confirm that it has considered a number of strategic options for Go Outdoors and that Go Outdoors' directors have lodged the Notice in Court. JD Sports said … JD Sports is set to reacquire Go Outdoors out of administration in a move to restructure the outdoor clothing and equipment retailer and "preserve as many jobs as possible". JD Sports, who own the company, said the move will “preserve as many jobs as possible” at the troubled retailer, which sells waterproof clothing, bikes and camping products. The Sun website is regulated by the Independent Press Standards Organisation (IPSO), Our journalists strive for accuracy but on occasion we make mistakes. To see all content on The Sun, please use the Site Map. The owner of Go Outdoors has bought back the business for £56.5 million after pushing it into administration. The owner of Go Outdoors has bought back the business for £56.5 million after pushing it into administration. GO Outdoors is on the brink of collapsing into administration, in what would be the latest casualty to hit the UK high street. JD Sports today confirmed it has bought back its subsidiary Go Outdoors for £56.5m after placing it into administration earlier this week.. If you put a company into administration you should be banned from buying it … News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services. Shares in JD Sports dropped almost two per cent as trading started in London this morning, June 22. THE owner of Go Outdoors has bought back the business for £56.5 million after pushing it into administration. The Go Outdoors camping stores chain is going into administration. Arcadia Group. JD Sports Fashion is launching an insolvency process at Go Outdoors four years after buying it, Sky News learns. The UK's Biggest Outdoor Stores. JD Sports has put Go Outdoors into administration, just four years after buying the company for £112million. Found something we sell cheaper? Most importantly, we are pleased that it will protect the maximum number of jobs possible.”. 24 Jun 2020. Go Outdoors, which sells camping equipment, bikes and clothes, was forced to close all its stores in March due to the ongoing coronavirus crisis. Consultants help hospital group in Bermuda Hospitals save millions. JD Sports Fashion is launching an insolvency process at Go Outdoors four years after buying it, Sky News learns. In mid-June 2020, it emerged that JD Sports-owned outdoor clothing and footwear retailer Go Outdoors has lined up restructuring experts from Deloitte to review its business, after suffering a sharp downturn in sales due to the Covid-19 pandemic. Coronavirus: JD-owned Go Outdoors on brink of administration. Mace & Menter wins NHS research projects in the South West. License Activity Packages Packages ensure you have everything you need based on the fishing / hunting activity you would like to participate in. JD’s Go Outdoors prepares for administration. JD Sports, which owns Go Outdoors, said in a statement it had looked at the options for Go and had decided to start the administration process. Go Outdoors rescued from administration with jobs saved. By buying its own subsidiary, Kast Retail, out of administration, Quiz was able to begin a restructuring programme, which includes the renegotiation of rent on its 82 standalone stores in the UK and Ireland. It comes as the group said it is now restructuring the business, having appointed Michael Magnay and Daniel Butters of Deloitte as joint administrators.. Its board had reportedly considered a “number” of strategic options for Go Outdoors, including marketing … Annual License Packages. Days after the collapse of retail empire Arcadia, fashion retailer Bonmarché has fallen into administration, placing 1,500 jobs at risk. The sale of KPMG UK’s restructuring arm is reportedly progressing at pace, just months after the global leadership of Big Four rival Deloitte vetoed similar efforts in its own British wing. UK stationary firm Paperchase is reportedly on the brink of administration, after muted Christmas sales thanks to Covid-19 restrictions. For other inquiries, Contact Us. The firm, which The Sunday Times reported was on the brink of collapse, has already lost £291.1 million in the six months to August 2019, and the lock-down of 2020 compounded the situation, placing 2,400 jobs at risk. RSM administrators complete sale of Bonmarché. As of June 23rd, Go Outdoors appointed Deloitte as its administrator, and the Big Four audit and advisory firm swiftly oversaw its sale back to JD Sports. At the time of writing, Go Outdoors has reopened 64 of its UK shops, with just three still listed as closed in Hathersage, Oxford and Southport. Go Outdoors’ Possible Administration Brings Calibre Future Into Question. JD Sports has bought back its Go Outdoors business for £56.5 million after pushing it into administration. Deloitte has been appointed to oversee the process - … This service is provided on News Group Newspapers' Limited's Standard Terms and Conditions in accordance with our Privacy & Cookie Policy. This successful sale will provide Go Outdoors with an opportunity to restructure its business to secure its future for the long term. JD SPORTS has pushed Go Outdoors into administration - but immediately bought back the business for £56.5 million. Go. JD Sports, which owns Go Outdoors, has filed a notice of its intention to appoint administrators. Elliot said: “The news that Go Outdoors has entered into a pre-pack administration is just the tip of the iceberg for the increasing number of restructurings we will see in the retail sector in the months to come. T6 Legend. Private equity moving in on KPMG's restructuring division. Coronavirus: JD-owned Go Outdoors on brink of administration. Go Outdoors’ 2,400 staff have been handed a temporary reprieve, after the collapsed company was sold out of administration by professional services firm Deloitte. Go Outdoors’ 2,400 staff have been handed a temporary reprieve, after the collapsed company was sold out of administration by professional services firm Deloitte. JD SPORTS has pushed Go Outdoors into administration - but immediately bought back the business for £56.5 million. Michael Magnay, joint administrator, said, “Like many high street retailers, Go Outdoors Ltd has been seeking to address a number of underlying business challenges in the current UK retail environment, which have been exacerbated by the impact of Covid-19. Big Four accountancy giant Deloitte is said to have been lined up by JD Sports as administrator for Go Outdoors, which employs about 2,400 people across 67 stores. Keystone Law corporate recovery and insolvency specialist Patrick Elliot said that Go Outdoors going into administration is just the “tip of the iceberg” in the retail industry. JD Sports is likely to appoint administrators for its subsidiary Go Outdoors after the brand was forced to close all of its 67 stores during lockdown. . Following the appointment, JD Sports Fashion, via newly incorporated subsidiary JD Newco 1, has re … JD Sports bought Go Outdoors in 2016 for £112 million. Thread starter True Romance; Start date 22 Jun 2020; Prev. Go Outdoors (Image: Derby Telegraph) JD Sports bought back its Go Outdoors business for £56.5million after pushing it into administration in June. JD Sports Fashion bought Go Outdoors, which sells bikes, tents … A consideration of £56.5 million has been paid by JD Sports to reacquire Go Outdoors, with plans in place to see the employment of more than 2,000 staff of the business transferred alongside … JD Sports, who own the company, said the move will “preserve as many jobs as possible” at the troubled retailer, which sells waterproof clothing, bikes and camping … On Saturday, Sky News had exclusively revealed that Go Outdoors was on the brink of administration - four years after retail giant JD Sports Fashion first bought it for £100m. By LaToya Harding 23 June 2020 • 7:36pm JD Sports has bought back its Go Outdoors chain for £56.5m after the adventure equipment retailer was put into administration. It said the move would "preserve as many jobs as possible" at Go Outdoors, which sells waterproof clothing, bikes and camping products. JD Sports, who own the company, said the move will “preserve as many jobs as possible” at the troubled retailer, which sells waterproof clothing, bikes and camping products. JD Sports is preparing for a possible pre-pack administration of Go Outdoors after the retailer was laid low by the lockdown.The FTSE 100 sportswear and equipment group filed a notice of intention to "Administrators have not yet been appointed.". Go Outdoors. 679215 Registered office: 1 London Bridge Street, London, SE1 9GF. However, while owner JD Sports insists it will protect ‘the maximum number of jobs possible’, it also confirmed it will now push forward with large-scale restructuring efforts. In the case of Go Outdoors, JD Sports said it considered potential options for the chain, which has 67 stores nationwide, in May, including a potential sale – but ultimately determined that the business had a potential future within the wider group, “if fundamentally restructured.” While for the meantime JD Sports said it will “preserve as many jobs as possible” at Go Outdoors, it will now push forward with a major restructuring of Go Outdoors. The Go Outdoors situation is similar to that of fashion retailer Quiz, which recently tapped KPMG administrators to restructure its store portfolio. Go Outdoors goes into administration – but is bough back by JD Sports ready for restructure and store lease revamp As expected , JD Sports has put Go Outdoors into administration – however, the retail group has bought back the camping chain as it sees it as a viable business if it can be restructured, pay down its debts and renegotiate leases. Big Four firm KPMG has helped the Bermuda Hospitals Board save almost $30 million over the last three years. GO Outdoors is on the brink of collapsing into administration, in what would be the latest casualty to hit the UK high street. The owner of Go Outdoors has bought back the business for £56.5 million after pushing it into administration. Asda shopper shares trick to skipping long queues in store with mobile app, Martin Lewis explains how to save £1,000s on your council tax bill, Mum wins landmark Universal Credit court case to get childcare paid upfront, Shoppers paying £100 extra per outfit as EU retailers struggle with new rules, Martin Lewis explains how to reclaim £100s from your energy supplier, ©News Group Newspapers Limited in England No. Add to Bookmarks; Comment. JD Sports has filed for court protection for its subsidiary Go Outdoors to keep creditors at bay as it mulls over what to do with the business. After appointing Deloitte as administrators, JD Sports paid £56.5m for Go Outdoors in what is known as a pre-pack administration. by Hannah Dobson 7 months ago 2. But the outdoor activities retailer has been struggling long before the pandemic - it lost £54.9 million in the six months to August 3 last year. We'll beat it by 10% "The Sun", "Sun", "Sun Online" are registered trademarks or trade names of News Group Newspapers Limited. JD Sports in talks to put Go Outdoors in administration with 67 stores at risk The coronavirus pandemic has ramped up pressure on the struggling high street - … Pat Sweet. This means the company has not officially entered administration. View our online Press Pack. Georgia Resident residency switch. Deloitte has been called in as administrators to Go Outdoors, and has sold the high street camping clothing and supplies company in a £56.5m pre-pack deal to owners JD Sports Fashion. Go Outdoors isn't the only retailer to confirm money struggles during the coronavirus crisis. Advisers were appointed to support the process of Go Outdoors potentially being sold in May but it was subsequently decided that a pre-pack administration deal would be the best route forward. GO Outdoors is the latest in a long list of businesses to be facing trouble. The deal saw JD Sports spend £56.5 million to buy back the business, having pushed it into administration in the first place, but in the long-term the owners hope this will actually help to save money. I’m particularly pleased that we have been able to secure the employment of all the Company’s workforce, and we’d like to thank all employees and key stakeholders for their support throughout this process.”. Share. as its administrator, and the Big Four audit and advisory firm swiftly oversaw its sale back to JD Sports. The deal saw JD Sports spend £56.5 million to buy back the business, having pushed it into administration in the first place, but in the long-term the owners hope this will actually help to save money. 25 Jun 2020 #41 Skyliner33 said: Thats how I've interpreted all the information also. KPMG’s contract will run for another two years, and cost just a fraction of that figure. Deloitte has announced the appointment of two senior partners: Hannah Routh and Charlotte Warburton. Sky's City editor Mark Kleinman said then that JD was expected to use an insolvency process to restructure the chain, which trades from 67 shops. Retailers have tried to survive on … $70.00. Retailers that have sadly fallen into administration this year include Victoria's Secrets, Oasis, Warehouse and Debenhams. Hannah Routh and Charlotte Warburton join Deloitte as partners. 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