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Deloitte sells seven Paul Simon stores to Lewis Home Retail 2 May 2014

Administrators to Paul Simon (London) Limited (“Paul Simon”) have announced the sale of the business and assets of seven stores to Lewis Home Retail.

The stores sold on Wednesday were: Colindale, Chelmsford, Edmonton, Harlow, Hayes, Lakeside and New Malden, with the retention of 73 jobs.

Lee Manning and Nick Edwards of Deloitte were appointed joint administrators of Paul Simon (London) Limited on 2 April 2014.

However, the administrators have also announced the closure of a further eight stores: Reading, Worthing, Gillingham, Ashford, Enfield, Beckton, Slough and Bristol, with the loss of 59 jobs.

The Reading and Gillingham stores will close on 5 May, and the remainder are scheduled to close later in that week. Five other stores were closed in April.

The administrators will continue to trade the remaining 30 stores while seeking a buyer for all or parts of the business as a going concern. There were originally 50 leasehold retail stores.

Commenting on the announcement, Lee Manning, Deloitte partner, said: “We’re pleased to have some good news during the administration of Paul Simon.

“However, this is not a sale of the brand and we will see clearance sales at the closing stores. This market remains challenging, especially for out of town retailers, and the increasing importance of online sales caused an erosion of margins.”

 

 

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