GO Outdoors is the latest in a long list of businesses to be facing trouble. The UK's Biggest Outdoor Stores. Deloitte handles £56m Go Outdoors pre-pack administration . In late 2020, fashion retailer Bonmarché fell into administration for the second time in 14 months, placing 1,500 jobs at risk. Reporter, Accountancy Daily, published by Croner-i Ltd. View profile and articles. Shoe chain Aldo has also collapsed, while Quiz clothing has put its shop business into administration. JD Sports has filed for court protection for its subsidiary Go Outdoors to keep creditors at bay as it mulls over what to do with the business. JD Sports has bought back retail chain Go Outdoors after placing it into administration earlier in the week, which we reported on here.The company claims that the deal, which is said to be structured as a pre-pack administration sale, will preserve “as many jobs as possible” and honours existing agreements with suppliers. Mace & Menter wins NHS research projects in the South West. THE owner of Go Outdoors has bought back the business for £56.5 million after pushing it into administration. Go Outdoors goes into administration – but is bough back by JD Sports ready for restructure and store lease revamp As expected, JD Sports has put Go Outdoors into administration – however, the retail group has bought back the camping chain as it sees it as a viable business if it can be restructured, pay down its debts and renegotiate leases. 679215 Registered office: 1 London Bridge Street, London, SE1 9GF. The firm, which The Sunday Times reported was on the brink of collapse, has already lost £291.1 million in the six months to August 2019, and the lock-down of 2020 compounded the situation, placing 2,400 jobs at risk. The owner of Go Outdoors has bought back the business for £56.5 million after pushing it into administration. We'll beat it by 10% Retailers that have sadly fallen into administration this year include Victoria's Secrets, Oasis, Warehouse and Debenhams. To inquire about a licence to reproduce material, visit our Syndication site. The Go Outdoors camping stores chain is going into administration. But the outdoor activities retailer has been struggling long before the pandemic - it lost £54.9 million in the six months to August 3 last year. By buying its own subsidiary, Kast Retail, out of administration, Quiz was able to begin a restructuring programme, which includes the renegotiation of rent on its 82 standalone stores in the UK and Ireland. The Sun has contacted JD Sports group for additional comment and we'll update this article when we hear back. This means the company has not officially entered administration. Elliot said: “The news that Go Outdoors has entered into a pre-pack administration is just the tip of the iceberg for the increasing number of restructurings we will see in the retail sector in the months to come. Go Outdoors in administration. Deloitte has unveiled plans to almost triple its consulting team in the North of England. Annual License Packages. At the time of writing, Go Outdoors has reopened 64 of its UK shops, with just three still listed as closed in Hathersage, Oxford and Southport. Go. I’m particularly pleased that we have been able to secure the employment of all the Company’s workforce, and we’d like to thank all employees and key stakeholders for their support throughout this process.”. The owner of Go Outdoors has bought back the business for £56.5 million after pushing it into administration. JD Sports has put Go Outdoors into administration, just four years after buying the company for £112million. Deloitte has been appointed to oversee the process - … It said the move would "preserve as many jobs as possible" at Go Outdoors, which sells waterproof clothing, bikes and camping products. JD Sports has put Go Outdoors into administration, just four years after buying the company for £112million. However, while owner JD Sports insists it will protect ‘the maximum number of jobs possible’, it also confirmed it will now push forward with large-scale restructuring efforts. $70.00. VanDamMan Senior Member. In a statement on the London Stock Exchange website, JD Sports Fashion PLC said: "The Group can confirm that it has considered a number of strategic options for Go Outdoors and that Go Outdoors' directors have lodged the Notice in Court. Go Outdoors rescued from administration with jobs saved. The deal saw JD Sports spend £56.5 million to buy back the business, having pushed it into administration in the first place, but in the long-term the owners hope this will actually help to save money. For other inquiries, Contact Us. As of June 23rd, Go Outdoors appointed Deloitte as its administrator, and the Big Four audit and advisory firm swiftly oversaw its sale back to JD Sports. Go Outdoors goes into administration – but is bough back by JD Sports ready for restructure and store lease revamp As expected , JD Sports has put Go Outdoors into administration – however, the retail group has bought back the camping chain as it sees it as a viable business if it can be restructured, pay down its debts and renegotiate leases. JD Sports is preparing for a possible pre-pack administration of Go Outdoors after the retailer was laid low by the lockdown.The FTSE 100 sportswear and equipment group filed a notice of intention to JD Sports Fashion has filed a notice to appoint administrators to its Go Outdoors brand. In mid-June 2020, it emerged that JD Sports-owned outdoor clothing and footwear retailer Go Outdoors has lined up restructuring experts from Deloitte to review its business, after suffering a sharp downturn in sales due to the Covid-19 pandemic. 24 Jun 2020. In the case of Go Outdoors, JD Sports said it considered potential options for the chain, which has 67 stores nationwide, in May, including a potential sale – but ultimately determined that the business had a potential future within the wider group, “if fundamentally restructured.” While for the meantime JD Sports said it will “preserve as many jobs as possible” at Go Outdoors, it will now push forward with a major restructuring of Go Outdoors. JD Sports is likely to appoint administrators for its subsidiary Go Outdoors after the brand was forced to close all of its 67 stores during lockdown. The owner of Go Outdoors has bought back the business for £56.5 million after pushing it into administration. It said the move will “preserve as many jobs as possible” at the troubled retailer, which sells waterproof clothing, bikes and camping products. as its administrator, and the Big Four audit and advisory firm swiftly oversaw its sale back to JD Sports. VIP Member. Add to Bookmarks; Comment. Keystone Law corporate recovery and insolvency specialist Patrick Elliot said that Go Outdoors going into administration is just the “tip of the iceberg” in the retail industry. Thread starter True Romance; Start date 22 Jun 2020; Prev. JD SPORTS has pushed Go Outdoors into administration - but immediately bought back the business for £56.5 million. JD Sports is set to reacquire Go Outdoors out of administration in a move to restructure the outdoor clothing and equipment retailer and "preserve as many jobs as possible". JD Sports today confirmed it has bought back its subsidiary Go Outdoors for £56.5m after placing it into administration earlier this week.. Go To Site . License Activity Packages Packages ensure you have everything you need based on the fishing / hunting activity you would like to participate in. It's disgusting that this practice is legal imho. JD Sports in talks to put Go Outdoors in administration with 67 stores at risk The coronavirus pandemic has ramped up pressure on the struggling high street - … By LaToya Harding 23 June 2020 • 7:36pm JD Sports has bought back its Go Outdoors chain for £56.5m after the adventure equipment retailer was put into administration. This service is provided on News Group Newspapers' Limited's Standard Terms and Conditions in accordance with our Privacy & Cookie Policy. Coronavirus: JD-owned Go Outdoors on brink of administration. 1; 2; 3; First Prev 3 of 3 Go to page. GO Outdoors could be looking set to enter into administration after filing a notice of intent this week. 25 Jun 2020 #41 Skyliner33 said: Thats how I've interpreted all the information also. Consulting firm Mace & Menter has won a competitive tender to work with the NHS on a series of projects to adapt and innovate health services in the South West. Go Outdoors, which sells camping equipment, bikes and clothes, was forced to close all its stores in March due to the ongoing coronavirus crisis. JD Sports has bought back its Go Outdoors business for £56.5 million after pushing it into administration. Hannah Routh and Charlotte Warburton join Deloitte as partners. KPMG’s contract will run for another two years, and cost just a fraction of that figure. Big Four accountancy giant Deloitte is said to have been lined up by JD Sports as administrator for Go Outdoors, which employs about 2,400 people across 67 stores. Michael Magnay and Daniel Butters of Deloitte were appointed as joint administrators of Go outdoors yesterday (23 June 2020). Sky's City editor Mark Kleinman said then that JD was expected to use an insolvency process to restructure the chain, which trades from 67 shops. Big Four firm KPMG has helped the Bermuda Hospitals Board save almost $30 million over the last three years. Arcadia Group. The group filed the notice on Friday and is understood to have lined up restructuring experts from Deloitte. JD Sports Group, owner of the GO Outdoors brand, has confirmed that it is ‘looking at options’ for the chain after reports emerged that bosses were poised to call in administrators. JD Sports said … Found something we sell cheaper? News. Days after the collapse of retail empire Arcadia, fashion retailer Bonmarché has fallen into administration, placing 1,500 jobs at risk. Sir Philip Green's Arcadia Group went into administration on Monday, November 30, … This successful sale will provide Go Outdoors with an opportunity to restructure its business to secure its future for the long term. 24 Jun 2020. Big brand outdoor clothing, tents & camping, cycling and more. The owner of Go Outdoors has bought back the business for £56.5 million after pushing it into administration. Pat Sweet. Georgia Resident residency switch. Go Outdoors. To see all content on The Sun, please use the Site Map. Peter Cowgill, Executive Chairman of JD Sports, said, “Having investigated all available options for the business, we firmly believe that this restructuring will provide Go Outdoors with a platform from which it can progress whilst remaining a member of the group. The Sun website is regulated by the Independent Press Standards Organisation (IPSO), Our journalists strive for accuracy but on occasion we make mistakes. The firm confirmed that it intends to “retain the majority” of its retail stores across the country – though that statement does notably make room for some closures and job losses in the future. Coronavirus: JD-owned Go Outdoors on brink of administration. Go Outdoors (Image: Derby Telegraph) JD Sports bought back its Go Outdoors business for £56.5million after pushing it into administration in June. The owner of Go Outdoors has bought back the business for £56.5 million after pushing it into administration. GO Outdoors is on the brink of collapsing into administration, in what would be the latest casualty to hit the UK high street. RSM administrators complete sale of Bonmarché. UK stationary firm Paperchase is reportedly on the brink of administration, after muted Christmas sales thanks to Covid-19 restrictions. By Grace Whelan 22 June 2020. "Administrators have not yet been appointed.". Asda shopper shares trick to skipping long queues in store with mobile app, Martin Lewis explains how to save £1,000s on your council tax bill, Mum wins landmark Universal Credit court case to get childcare paid upfront, Shoppers paying £100 extra per outfit as EU retailers struggle with new rules, Martin Lewis explains how to reclaim £100s from your energy supplier, ©News Group Newspapers Limited in England No. Private equity moving in on KPMG's restructuring division. For further details of our complaints policy and to make a complaint please click this link: thesun.co.uk/editorial-complaints/, Comments are subject to our community guidelines, which can be viewed, Go Outdoors could be the next retailer to fall into administration, Shoppers queue with social distancing measures as high street reopens in UK, shops and restaurants that have gone bust, Independent Press Standards Organisation (IPSO). By buying its own subsidiary, Kast Retail, out of administration, Quiz was able to begin a restructuring programme, which includes the renegotiation of rent on its 82 standalone stores in the UK and Ireland. Consultants share their predictions for 2021, As a new year brings an end to some long-running issues, while posing a whole new list of uncertainties, many firms still face countless challenges regarding digitalisation, workplace relations and n, Deloitte plans to nearly triple its consulting team in the North. Go Outdoors’ Possible Administration Brings Calibre Future Into Question. JD Sports Fashion is launching an insolvency process at Go Outdoors four years after buying it, Sky News learns. An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. JD Sports, who own the company, said the move will “preserve as many jobs as possible” at the troubled retailer, which sells waterproof clothing, bikes and camping products. Read more: JD Sports-owned Go Outdoors on brink of administration, with 2,400 jobs on the line “Administrators have not yet been appointed and … by Hannah Dobson 7 months ago 2. GO Outdoors is on the brink of collapsing into administration, in what would be the latest casualty to hit the UK high street. JD Sports Fashion bought Go Outdoors, which sells bikes, tents … JD’s Go Outdoors prepares for administration. However, while owner JD Sports insists it will protect ‘the maximum number of jobs possible’, it also confirmed it will now push forward with large-scale restructuring efforts. Go Outdoors isn't the only retailer to confirm money struggles during the coronavirus crisis. "The Sun", "Sun", "Sun Online" are registered trademarks or trade names of News Group Newspapers Limited. After appointing Deloitte as administrators, JD Sports paid £56.5m for Go Outdoors in what is known as a pre-pack administration. JD Sports bought Go Outdoors in 2016 for £112 million. View our online Press Pack. Go Outdoors’ 2,400 staff have been handed a temporary reprieve, after the collapsed company was sold out of administration by professional services firm Deloitte. Go Outdoors’ 2,400 staff have been handed a temporary reprieve, after the collapsed company was sold out of administration by professional services firm Deloitte. Shares in JD Sports dropped almost two per cent as trading started in London this morning, June 22. JD Sports Fashion is launching an insolvency process at Go Outdoors four years after buying it, Sky News learns. On Saturday, Sky News had exclusively revealed that Go Outdoors was on the brink of administration - four years after retail giant JD Sports Fashion first bought it for £100m. JD Sports, which owns Go Outdoors, has filed a notice of its intention to appoint administrators. Pat Sweet. The move could potentially put 2,400 jobs at risk across its 67 stores. Share. The sale of KPMG UK’s restructuring arm is reportedly progressing at pace, just months after the global leadership of Big Four rival Deloitte vetoed similar efforts in its own British wing. JD Sports has bought back retail chain Go Outdoors after placing it into administration earlier in the week, which we reported on here.The company claims that the deal, which is said to be structured as a pre-pack administration sale, will preserve “as many jobs as possible” and honours existing agreements with suppliers. Retailers have tried to survive on … He also urged people stepping outdoors for employment to wear face masks and maintain social distancing protocols. Following the appointment, JD Sports Fashion, via newly incorporated subsidiary JD Newco 1, has re … JD SPORTS has pushed Go Outdoors into administration - but immediately bought back the business for £56.5 million. 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