Business recovery: news in brief
PKF partners Philip Long and Jon Newell are preparing to issue a contract for the sale of Jensen Motors Limited after nearly six months of sifting through possible buyers.
After being appointed in July, PKF was confident of a quick sale but partners found prospective buyers ‘did not have the wherewithal’ to purchase the business. Jensen went into administration in July after the company found the price of the car was not high enough to cover production costs.
Ernst & Young partners Tom Burton, Colin Dempster and Garry Wilson have been appointed administrators to Glasgow-based discount retailer What Everyone Wants. The company, which has 130 shops across the UK and employs 2,500 staff, saw sales drop following mounting pressure caused by tight margins and heavy competition in the discount retail sector.
Stephen Conn, partner at Begbies Traynor in Manchester, has sold Stoke-based ceramics manufacturer Wood and Sons following a cost-cutting and financial restructuring exercise which included the introduction of a four-day week. The business went into administration in November 2001.
