Administration of Countrywide Farmers PLC: Update | KPMG | UK

Administration of Countrywide Farmers PLC: Update

Administration of Countrywide Farmers PLC: Update

The Joint Administrators of Countrywide Farmers PLC continue to trade the 48 store portfolio of Countrywide Farmers.

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The Joint Administrators of Countrywide Farmers PLC  – David Pike, Mark Orton and Will Wright from KPMG’s Restructuring practice – and their agents, Hilco Capital, continue to trade the 48 store portfolio of Countrywide Farmers following their appointment on 7 March 2018. Store performance is reviewed weekly, but given the strong trading performance to-date, the majority of stores will continue to trade into May which has created an opportunity to seek further going concern sales where available. 

Interest in the leasehold store portfolio has been strong and the administrators have received credible offers supported by strong under-bidders for approximately 20 stores on a going concern basis. The aim is to conclude these transactions as soon as possible.

Lease premium interest has also been received with interested parties seeking an alternative use for some of the stores.

There are 11 leasehold stores where the administrators would like to invite going concern offers:

1. Ashbourne

2. Launceston – B2B

3. Ludlow – B2B

4. Penzance – B2B

5. Liphook

6. Evesham

7. Twyford

8. Witney

9. Gower

10. Tavistock

11. Chepstow

Interested parties should contact Gareth Shaw at KPMG either via gareth.shaw@kpmg.co.uk or on 07740 894721. Following the signing of an NDA, store, P&L information and data room access can be arranged. 

As a guide, any transaction will need to be near to completion by the end of April or the first week in May 2018. However, this does depend on trading and credibility of interest.

Additionally, the joint administrators are seeking offers on the 20 freehold sites / stores on a ‘property only’ basis, and it is anticipated that a wider marketing process to this effect will commence in May. To date, interest in the freehold sites has been significant. Those with a going concern interest in the freehold stores should contact Gareth Shaw in the first instance.

 

-ENDS-

 

For media enquiries only, contact:

Helen Jackson – Communications Assistant Manager

T: +44 (0)118 373 1479

M: +44 (0)7901 115 649

E: helen.jackson@kpmg.co.uk

About KPMG in the UK

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff. The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such. 

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