The PEN Shop Limited (00381203): administration
- Status
- Administration ended
- Administration began
- 2019-03-29
- Administrators
- Chris Ferguson
- Administrators' firm
- RMT Accountants & Business Advisors
- Formerly
- T & G Allan Limited
- Incorporated
- 1943-06-17
- Location
- Newcastle upon Tyne
- Industry
- 47789 Other retail sale of new goods in specialised stores (not commercial art galleries and opticians)
Why it went into administration
- Parent or group failure
- Property / lease costs
- Sustained trading losses
- Weather / natural events
From the administrators' statement
The Directors initially approached RMT to provide advice to the Group in relation to a proposed financial and operational restructuring of the business. At that time the Group had almost concluded a settlement with the landlord of its store in Liverpoo! Street Station, London, to accept a compensation payment of £365k for the imposed relocation of this store to a nearby location, which the Directors considered would help fund the business whilst the restructuring was implemented.
As part of the restructuring the Directors believed they could agree compromised rents with landlords at lass making stores, together with strategic exits from other stores and the Directors, together with their internal accountant, had prepared a detailed strategy to implement their turnaround.
In that time the Directors successfully implemented a number of cost saving and operational restructuring initiatives that helped to reduce the loss-making position of the Group and, in addition, allowed it to invest in its online e-commerce platform as part of transitioning its business model towards its online offering
Administrators' statement of proposals (2019-05-09) · Companies House register