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Select back in the black

Operating profit at womenswear chain Select was £2m in the year to 2 December 2018, compared to a loss of £15.5m in the 18 months to 2 December 2017. 

The retailer reported gross profits of £35.2m in 2018, compared to £61m for the 72 week period in 2017.

Turnover in 2018 was £72.8m, compared to £116.7m for the 18 months to 2 December 2017.  

The company launched a company voluntary arrangement (CVA) on 13 April 2018, which was fully implemented on 25 January this year. It allowed Select to cut its rents by up to 75%.

The company then fell into administration on 9 May. Following this, joint administrators Andrew Andronikou, Brian Burke and Carl Jackson of business advisory firm Quantuma, filed more CVA proposals at the High Court on 24 May. The CVA was given the green light by 87% of the chain’s creditors and landlords at a meeting in Central London in June - the second CVA launched by Select in just over a year. 

Select said the approval secured the current employment of its 1,800 employees and preserves the operation of its 169 stores, centralised head office and warehouse facilities.

 

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