27 June 2013
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ModelZone appoints Deloitte and Shoosmiths as administrators
More than 40 stores at risk of closure as ModelZone enters into administration. ...
UPDATE - The Modelzone website is currently offline and has the following quote:
"On 26 June 2013, Richard Michael Hawes, Nicholas Guy Edwards and Robert James Harding of Deloitte LLP were appointed Joint Administrators of Modelzone Holdings Limited, The Amerang Group Limited, Modelzone Limited and Amerang Limited (together the "Companies"). The affairs, business and property of the Companies are being managed by the Joint Administrators. The Joint Administrators act as agents of the Companies only and contract without personal liability. The Joint Administrators are authorised by the Institute of Chartered Accountants in England and Wales (ICAEW). All licensed Insolvency Practitioners of Deloitte LLP are licensed in the UK"
ORIGINAL STORY - Some sad this news week, after reports that retailer ModelZone has entered into administration and appointed restructuring and insolvency firm Shoosmiths to advise on proceedings. Richard Hawes, Nicholas Edwards and Robert Harding, of Deloitte have also been appointed as joint administrators. The group, which includes Modelzone Holdings Ltd, The Amerang Group Ltd, Amerang Ltd and Modelzone Ltd, entered administration earlier this week just hours after the retailer was due to pay rent for the next three months. More than 40 stores are now at risk of closure and the news has sent shockwaves through the collecting community.
It's particularly shocking news considering that only this month we were reporting on the exciting launch of ModelZone's new flagship London store. Actually, we popped into that store yesterday and it was extremely busy... so hopefully that's a sign that ModelZone is still a popular place to buy a range of collectables. Another potential positive is that Shoosmiths’ restructuring and insolvency team helped save jobs at leading online footwear retailer Cloggs (UK), earlier this year.
We'll keep you updated on any progress but we hope that ModelZone can be saved! Remember, to get the latest collecting news delivered direct to your inbox every two weeks, sign up for our e-newsletter.
"On 26 June 2013, Richard Michael Hawes, Nicholas Guy Edwards and Robert James Harding of Deloitte LLP were appointed Joint Administrators of Modelzone Holdings Limited, The Amerang Group Limited, Modelzone Limited and Amerang Limited (together the "Companies"). The affairs, business and property of the Companies are being managed by the Joint Administrators. The Joint Administrators act as agents of the Companies only and contract without personal liability. The Joint Administrators are authorised by the Institute of Chartered Accountants in England and Wales (ICAEW). All licensed Insolvency Practitioners of Deloitte LLP are licensed in the UK"
ORIGINAL STORY - Some sad this news week, after reports that retailer ModelZone has entered into administration and appointed restructuring and insolvency firm Shoosmiths to advise on proceedings. Richard Hawes, Nicholas Edwards and Robert Harding, of Deloitte have also been appointed as joint administrators. The group, which includes Modelzone Holdings Ltd, The Amerang Group Ltd, Amerang Ltd and Modelzone Ltd, entered administration earlier this week just hours after the retailer was due to pay rent for the next three months. More than 40 stores are now at risk of closure and the news has sent shockwaves through the collecting community.
It's particularly shocking news considering that only this month we were reporting on the exciting launch of ModelZone's new flagship London store. Actually, we popped into that store yesterday and it was extremely busy... so hopefully that's a sign that ModelZone is still a popular place to buy a range of collectables. Another potential positive is that Shoosmiths’ restructuring and insolvency team helped save jobs at leading online footwear retailer Cloggs (UK), earlier this year.
We'll keep you updated on any progress but we hope that ModelZone can be saved! Remember, to get the latest collecting news delivered direct to your inbox every two weeks, sign up for our e-newsletter.
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