Nineteen Jobs Saved Following Deal
The Joint Administrators of jewellery retailer, Azendi Limited, have announced the sale of part of the business to A to Z Investments Limited – with the support of Irwin Mitchell.
Adrian Berry, Joint Administrator and partner in Deloitte’s restructuring services team, said: “We are delighted to announce the sale of part of Azendi Limited to A to Z Investments Limited. The sale of part of the business has enabled the jobs of 19 employees in the Head office, Leeds, Harrogate and One New Change stores to be saved.”
Andrew Walker, restructuring partner at the Leeds office of Irwin Mitchell has advised the Administrators on the sale. He said: “This is of course positive news for some of Azendi’s stores and particularly the employees who have continued to work under difficult and uncertain conditions in recent weeks. It has always been the intention to trade some of the stores and I am confident that under this new structure, A to Z will be able to take the Azendi brand forward and develop its potential.”
The inability to find a buyer for the rest of the business, has resulted in the closure of the stores located in Aberdeen, Bath, Birmingham, Bristol, Cambridge, Edinburgh, Leicester, Liverpool, London Kings Road, London Westfield, Manchester, Milton Keynes, Reading, Richmond, Sheffield Meadowhall and York.
Adrian Berry added: “Regrettably, it has not been possible to find a buyer for all of the Azendi business and therefore it was necessary to make a total of 81 employees redundant across the business. Employees made redundant were paid wages until their last day of employment.”