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Select collapses into administration

Fashion chain Select has fallen into administration for a second time, putting 1,800 jobs at risk if a sale for the business is not agreed. 

Andrew Andronikou, Brian Burke and Carl Jackson of advisory firm Quantuma, were appointed as joint administrators on 9 May. 

Quantuma said prevailing high street conditions meant that Select was unable to sufficiently deliver on a turnaround plan it had embarked upon. 

Andronikou said: “Due to ongoing financial difficulties, I can confirm that Brian Burke, Carl Jackson and I have been appointed joint administrators of Genus UK T/A Select.

“We will continue to trade Select whilst we assess all options available to the business, with the aim of achieving the optimum outcome for all stakeholders. Options include a sale of the business as a going concern, in addition to entering into discussions with those parties who have already expressed interest in acquiring the business.  We will also be assessing CVA proposals that have been put forward by the directors.”

Select employs around 1,800 staff and has around 169 stores, Quantuma said. 

There have been no redundancies made as a result of the administration.

It comes after Select filed a notice of intention to appoint administrators at the High Court last month.

The chain, which is owned by Turkish entrepreneur Cafer Mahiroğlu (pictured above), resorted to a CVA last April. This enabled it to cut its rents by up to 75% and saved nearly 2,000 jobs.

Mahiroğlu bought the company out of administration in 2008. 

Select’s turnover was £116.7m for the 18 months to 2 December 2017, and it made an operating loss of £15.5m. 

This compared to a turnover of £81.26m for the 12 months to 4 June 2016 and an operating loss of £1.5m. 

Select has been contacted for comment.

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