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Joy bought by management in pre-pack administration

Fashion and lifestyle chain Joy has been bought out of administration by its owners in a pre-pack deal, resulting in 78 job losses.

Gareth Roberts and Paul Ellison of KRE Corporate Recovery were appointed as joint administrators of the business earlier this week. High rents and rates were blamed for the downfall of the firm.

The company was immediately sold back to its owners Louche London and the Joy Group of Companies.

Joy has closed 11 stores across the UK as a result of the deal, with 21 remaining. The company is now staffed by 230 employees.

The business previously went into administration in September 2008 before it was bought by Louche London.


Readers' comments (2)

  • “There are too many pre-pack deals around. We need to enhance our morals and ethics in business in this country.”

    UK government should review insolvency laws to provide a more “ethical, moral and level playing field”, which gives all creditors access to information and the opportunity to have an input in the future of a company in administration.

    “Suppliers are often left with nothing and it is completely unacceptable,” “The law needs to change. It is affecting people’s jobs and livelihoods.”

    Is “increasingly difficult” for suppliers to do business with British retailers without running the risk of losing money due to firms falling into insolvency.

    César Araújo

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  • Third time this company has entered in to Administration and been bought out by Management, it should not be allowed and our laws on this should be reviewed.

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