Published on 1 - April - 2011
Alworths calls in administratorsWoolies-style retailer appoints insolvency and restructuring specialist Leonard Curtis.
Leonard Curtis confirmed to DIY Week that the retailer was placed in administration on March 28. The case is being handled by Neil Bennett and Michael Healy.
The future of the firm has been uncertain since founder Andy Latham stepped down last month. At the time of his departure, Alworths changed its registered address to that of a solicitors in Redhill, Surrey and confirmed that a restructuring of the business was underway.
Speculation of a pre-pack administration has been rife since then. Particularly after Mr Latham was appointed director of a newly-incorporated company, Retail Acquisitions, which bears the address as the same Surrey-based solicitors.
Commenting on the administration Mr Bennett told DIY Week: "This is a business that operates in a very competitive market that has been badly affected by the recent downturn in consumer confidence experienced on the UK High Street.
“We are currently continuing to trade whilst we look for a suitable buyer in an effort to secure the business and safeguard job security for its current employees."
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