Arcs Realisations 2016 Limited (01529898): administration
- Status
- Administration ended
- Administration began
- 2016-05-05
- Administrators
- Catherine Williamson, Kevin James Coates, Peter Mark Saville
- Administrators' firm
- AlixPartners
- Formerly
- Austin Reed Credit Services Limited
- Incorporated
- 1980-11-25
- Location
- Manchester
- Industry
- 64999 Financial intermediation not elsewhere classified
Why it went into administration
- Sustained trading losses
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Property / lease costs
- Credit insurance / supplier credit withdrawn
- Competition / price pressure
From the administrators' statement
36 On 16 January 2015, creditors voluntary arrangements (CVAs)} were approved in respect of ARL and CCL (the CVA Companies) The CVAs were proposed following a period of challenging trading conditions encountered by these entities, which resulted from changes in the clothing market, increased competition and economic conditions which reduced disposable incomes
37 An increase In online sales had also had a negative impact on store sales and despite undertaking the closure of certain unprofitable stores, a number of loss-making stores remained
38 The directors therefore made the decision to propose the CVAs with a view to rationalising the CVA Companies’ store portfolios and leasehold obligations as part of an operational restructuring of the wider group (the Group) The CVAs culminated in the closure of approximately 70 stores and allowed the CVA Companies to renegotiate the terms of the leases for certain other stores whilst they continued to trade
Administrators' statement of proposals (2016-07-28) · Companies House register