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Sony's retail brand seeks rescue plan 28 September 2011

Sonex Communications runs 15 Sony Centre stores throughout the UK but the brand stumbled into difficulties last year when it surprised analysts, announcing a £2.7 million pre-tax loss from a turnover of £23.8 million as at the end of March 2010.

London-based BDO partner David Gilbert and colleague Andrew Beckingham have been appointed as administrators for the group.

Sony Europe said it would be examining all potential options for the business and the remaining stores and that the stores would continue to “trade as normal” during the interim period.

Sony has also agreed to honour all product warranties and customer orders made through Sonex Communications-operated stores.

Despite the average staff wage declared as £14,563 in its 2010 annual results, directors paid themselves £84,000 in emoluments during the previous 12 months and the total wage bill was over £3 million.

In the last filed accounts, Karan Israni, director of Sonex Communications, said the company was facing increased competition from the internet and from other major retailers on the high street.

As a result, the group had already closed the concession stores it had within Debenhams department stores.

 

 

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