Deloitte appointed as administrator to Paul Simon (London) Limited
2 April 2014
Lee Manning and Nick Edwards of Deloitte, have been appointed as administrators today to Paul Simon (London) Limited (“Paul Simon”), a homeware retailer specialising in furniture, curtains and carpets. The administrators will continue to trade Paul Simon while seeking a buyer for all or parts of the business as a going concern.
Paul Simon headquartered in Barking, operates from 51 leasehold retail stores, largely in the South and South East, and an online platform, employing approximately 550 staff. These sites are primarily situated in out of town retail parks.
Commenting on the announcement, Lee Manning, Deloitte partner, said: “We are working closely with key stakeholders, customers and employees to ensure the business has the best possible platform to secure a sale, preserve jobs and generate as much value as possible for all creditors.
“Like many other retailers, Paul Simon has been hit hard by the uncertain economic environment. In addition, its core business has been undermined by the increasing importance of online sales causing an erosion of margins. This was compounded by the impact of the recent widespread flooding which restricted many customers’ access to several stores. These issues made an element of the store portfolio unprofitable and led to a projected imminent cashflow deficiency resulting in the Administration appointment.”
Any customers with queries about deliveries should visit the company website, which will be regularly updated, at: www.paulsimon.co.uk or Deloitte on www.deloitte.com/uk/paulsimon.
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
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