Administrators for Everest 2020 said today (April 30) they have given up on selling the business as a going concern, leading to redundancy notices for the majority of the 350 employees, and are now looking to sell the assets of the defunct retailer.
Resolve Advisory said in an update earlier today that they are now in advanced talks with interested parties over the assets ‘to help secure existing customer contracts and fulfil customer orders’.
Workers at the company’s Cuffley, Herts, HQ and manufacturing plant at Treorchy were told of the redundancies yesterday (April 29).
The retailer had re-emerged as Everest 2020 via pre-pack administration with its backer Better Capital after the collapse of Everest Ltd earlier that year https://www.the-glazine.com/?p=561
In the latest accounts at Companies House, for the year to May 31 2022, Everest 2020 Limited reported turnover of £51.1 million, up from £46.7 million in the previous period, but with a pre-tax loss of more than £1.6 million.
Its fixed assets were valued at £1.4m and current assets at £14.7m. But it was reported that significant debts at the time left it with total liabilities of nearly £4.8m.
