After a slow start to the year impacted Selects turnaround plan, administrators at Quantuma have launched another bid to save the brand and its 169 stores.
According to the joint administrators Andrew Andronikou, Brian Burke and Carl Jackson, the brand blamed low consumer confidence and the uncertainty surrounding Brexit for its poor sales in early 2019.
They have now launched a company voluntary agreement, which will be put to vote on June 11th. According to Quantuma, the rescue bid will offer the best possible outcome for creditors.
“As joint administrators, we have arrived at the view that a CVA offers the best outcome for creditors as a whole. The proposal does not outline the immediate closure of any of the company’s stores, and any immediate redundancies, however some may occur even if the proposal is approved,” said Andrew Andronikou of Quantuma.
