Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Woolworths sold brands for £12 million

Collapsed retailer Woolworths sold its brands, including the Ladybird kidswear brand, for £12 million, it has emerged.

Woolworths’ brands, including Ladybird and Woolworths, were sold for £12m, according to a memo seen by The Sun newspaper.

Home shopping group Shop Direct relaunched the Ladybird brand last month, after buying it, along with the Woolworths brand, from Deloitte in February.

The newspaper report also said that Woolworths’ administrator and other advisers were paid £14 million to wind up the retailer which collapsed last November.

Administrators at Deloitte were paid £3.8m. Restructuring specialist Hilco got £2.2m while another £5.7m was paid to other consultants, the newspaper said.

Around 23,000 people lost their jobs when the retailer collapsed after banks which were owed £385m pulled the plug on the business.

Deloitte could not find a buyer for Woolworths and sold off parts to get cash bank for the banks, before winding it up.

Woolworths made £314m during its closing down Sale, and sold fittings for £71, 277, as well as around 168 shops for £30m and the brands, including kidswear clothing label Ladybird for £12m.

The accountants told the newspaper: “It was a good outcome for financial creditors but it is very sad that the business was wound down and people lost their jobs.”

 

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.