Latest news with #InterpathAdvisory
Yahoo
5 days ago
- Business
- Yahoo
Jewellery retailer Claire's struggles to land bid for British chain
The jewellery retailer Claire's is struggling to find a buyer for its British high street operations, stoking fears over thousands more retail jobs. Sky News has learnt that advisers to Claire's Inc, which filed for Chapter 11 bankruptcy protection in the US on Wednesday, are not expected to land a solvent bid for its UK chain, which trades from close to 300 stores. The precise number of employees at its British operations is unclear, although one insider said the company had a 5,000-strong workforce across Europe, including the UK. Money latest: A filing for administration in the UK is said to be unlikely this week but is now regarded as increasingly possible as soon as this month, according to retail executives. Prospective bidders for Claire's British arm, including the Lakeland owner Hilco Capital, have backed away from making offers in recent weeks as the scale of the chain's challenges has become clear, a senior insolvency practitioner said. Interpath Advisory, the restructuring firm, was recently hired to find a buyer for the UK business and its wider European operations. One retail industry boss had speculated that as many as a third of the UK shops could be axed in a deal to salvage the rest of the chain, putting hundreds of jobs at risk. Read more from Sky News: Claire's has been a fixture in British shopping centres and on high streets for decades, and is particularly popular among teenage shoppers. Houlihan Lokey, the investment bank, has been advising on the sale of the US arm. Founded in 1961, it is reported to trade from 2,750 stores globally. The company is owned by former creditors Elliott Management and Monarch Alternative Capital following a previous financial restructuring. Interpath declined to comment.
Sky News
5 days ago
- Business
- Sky News
Jewellery retailer Claire's struggles to land bid for British chain
The jewellery retailer Claire's is struggling to find a buyer for its British high street operations, stoking fears over thousands more retail jobs. Sky News has learnt that advisers to Claire's Inc, which filed for Chapter 11 bankruptcy protection in the US on Wednesday, are not expected to land a solvent bid for its UK chain, which trades from close to 300 stores. The precise number of employees at its British operations is unclear, although one insider said the company had a 5,000-strong workforce across Europe, including the UK. A filing for administration in the UK is said to be unlikely this week but is now regarded as increasingly possible as soon as this month, according to retail executives. Prospective bidders for Claire's British arm, including the Lakeland owner Hilco Capital, have backed away from making offers in recent weeks as the scale of the chain's challenges has become clear, a senior insolvency practitioner said. Interpath Advisory, the restructuring firm, was recently hired to find a buyer for the UK business and its wider European operations. One retail industry boss had speculated that as many as a third of the UK shops could be axed in a deal to salvage the rest of the chain, putting hundreds of jobs at risk. Claire's has been a fixture in British shopping centres and on high streets for decades, and is particularly popular among teenage shoppers. Houlihan Lokey, the investment bank, has been advising on the sale of the US arm. Founded in 1961, it is reported to trade from 2,750 stores globally. The company is owned by former creditors Elliott Management and Monarch Alternative Capital following a previous financial restructuring.
Irish Times
31-07-2025
- Business
- Irish Times
Powerscourt Distillery: Receiver puts business and €35m worth of whiskey up for sale
Receivers appointed to the Powerscourt Distillery in Enniskerry, Co Wicklow have put the business and its assets up for sale. Documents relating to the sale, seen by The Irish Times, value its stock of whiskey at just under €35 million, including 25-year-old stock purchased from the Cooley Distillery. No value has been placed on the overall business in the documents circulated. The receiver appointed to the distillery, Mark Degnan of Interpath Advisory, outlines a desire to achieve a full asset sale of the business. 'At this time I am not considering individual or bulk cask sales, but reserve the right to enter into negotiations for such sales following the conclusion of this proposed process,' the receiver said in a letter to potential buyers. READ MORE The sales process has been dubbed Project Cask and a deadline of the August 5th has been set for expressions of interest. Mr Degnan was appointed as receiver on June 26th by the company's sole secured creditor, PNC Financial Services UK Ltd, which was owed €21.5 million at the end of June. Minority shareholders later sought to appoint an examiner in place of the receiver, with Joseph Walsh of JW Walsh accountants appointed on an interim basis. This motion was withdrawn in advance of the hearing, which had been set for July 17th, and the company re-entered receivership. Based in the Powerscourt Estate, Co Wicklow, the distillery is described as 'producing premium Irish whiskey with an in-house brand, visitor centre, bulk supply and cask programs' and operates in 30 markets across Europe, North America, Asia and Africa. The company saw 'consistent revenue growth' with sales peaking at €5.3 million in 2023 before dropping to €3.9 million in 2024 'due to challenging international market conditions'. Revenue is projected to rebound beyond €5 million in the 2027 financial year, with a gross margin in 2024 of 48 per cent. The distillery has a production capacity of 360,000 litres of pure alcohol, with the potential to nearly double this capacity to 680,000 litres with a 'modest investment of €350,000″, the sale document states. Powerscourt Distillery's Fercullen Whiskey brand drove its growth from 2019 to 2023, with annual growth of 93 per cent. The visitor centre grew its numbers by 19 per cent in the period. The company is based in a 950 square-metre premises, in which the distillery, visitor centre and offices are located, in addition to a 930sq m meter on-site warehouse and three additional off-site warehouses. Powerscourt Distillery, Co Wicklow Stored in the warehouses is stock with a market value of €34.9 million, which the receiver's document states is down from a previous valuation of €41 million as of September 2024, 'driven by local market valuation drivers which are expected to improve'. The company, which is currently in a trading receivership, is said to boast an 'experienced leadership team'. Its staff are expected to stay with the distillery following the sale. With a holding of nearly 38.5 per cent, the single largest shareholder is the Slazenger family (who own the Powerscourt Estate), from whom the distillery rents the visitor centre and distillery property. At the start of June, rent arrears were above €550,000, but as an unsecured creditor they are left awaiting the outcome of the sale. Existing cask owners' contracts are expected to be treated as business as usual upon a sale. The receiver did not comment on the sale.
Yahoo
30-07-2025
- Business
- Yahoo
Italian restaurant chain Gusto to be acquired by Cherry Equity
Italian restaurant chain Gusto will be acquired out of pre-pack administration by Cherry Equity Partners, resulting in the closure of six of its 13 restaurants and 190 job losses. The investment company, led by hospitality veterans Ed Standring and Jamie Barber, will purchase seven locations, preserving more than 300 jobs, The Caterer has reported. The closures will primarily affect smaller suburban restaurants, which administrator Interpath Advisory describes as 'economically unviable due to continuing cost headwinds affecting the sector.' Interpath Advisory UK chief executive Will Wright was quoted by The Caterer: 'Although these continue to be challenging times for hospitality operators, we are pleased to advise on this transaction, which will safeguard the future of a fantastic brand which has been serving customers across cities and suburbs for over 20 years.' This acquisition marks Cherry Equity Partners' third deal in 2025, following the buyouts of Latin American restaurant group Cabana in January and French-themed chain Bistrot Pierre in March. Founded in 2005 by Jeremy Roberts and the late Tim Bacon of Living Ventures Group, Gusto received significant backing from private equity firm Palatine in 2014 to fuel expansion. The chain faced challenges during the pandemic and entered voluntary arrangement in 2020, which saved more than 600 jobs but led to the closure of four sites. In 2024, Gusto also closed its Didsbury restaurant after high street retailer Oliver Bonas took over the site. Gusto chief executive Paul Moran was quoted by The Caterer: 'We are profoundly sorry to see six of our restaurants close and are tremendously grateful for the support of our staff and our loyal customers at these locations over the years.' The divestiture has secured the future of the business and provided a stable platform for the company to grow. "Italian restaurant chain Gusto to be acquired by Cherry Equity" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
South Wales Argus
29-07-2025
- Business
- South Wales Argus
Italian restaurant Gusto on the brink of administration
According to reports from Sky News, Interpath Advisory is preparing a pre-pack insolvency of Gusto. However, sources share that the chain may be bought by Cherry Equity Partners, the owners of the Latin American restaurant chain, Cabana. If the deal were to go through, it would likely see the business take over most of Gusto's sites, but would also see job losses. Gusto is heading for administration, reports suggest Sky News reports that a deal is expected to be announced in the coming days, according to insiders. The restaurant sector has also recently seen some financial changes following the increase in the National Insurance levels for employers and an increase in the national minimum wage. Across the UK, Gusto has 14 restaurants, in the likes of Birmingham, Edinburgh, Leeds, Liverpool, Manchester, Newcastle, Nottingham and Oxford. As well as locations in Alderly Edge, Cheadle Hulme, Cookridge, Didsbury, Heswall and Kuntsford. Gusto's collapse comes after Matt Snell left his role as CEO of the business after more than seven years with the group and was replaced by Paul Moran. Recommended Reading Previously, in September 2020, Gusto completed a CVA (Company Voluntary Arrangement) to save the business's future and save more than 600 jobs. At the time of the CVA, Matt Snell said: "The last six months have been the most challenging in the history of our business. and the wider sector. 'The passing of the CVA is an important milestone, securing the future of the Gusto business and protecting more than 600 jobs.' Gusto has been contacted for a comment.
