Duff & Phelps secure sale of part of Ethel Austin and Life & Style Retail
Duff & Phelps secure sale of part of Ethel Austin and Life & Style Retail ("the Company")
32 stores sold out of Administration
On 18 July 2012, Philip Duffy and Sarah Bell, partners at leading advisory and investment banking firm of Duff & Phelps, were appointed Joint Administrators of Ashloch Limited who traded as Ethel Austin and Life & Style Retail.
The Joint Administrators have today announced that a sale of 32 of the stores has been agreed to Ricli Limited, 12 stores were transferred on Saturday and the remaining 20 stores will be handed over in two phases subject to satisfaction of certain conditions during the course of the next two weeks.
Philip Duffy commented: "We are extremely pleased to have concluded the sale preserving 198 jobs in the process. Also the sale ensures a future for this well established business.
"The remaining nine stores, the Company's head office and warehouse operations will continue to trade under the supervision of the Joint Administrators whilst a purchaser is sought."
About Duff & Phelps
As a leading global provider of corporate restructuring, financial advisory and investment banking services, Duff & Phelps balances analytical skills, deep market insight and independence to help clients make sound decisions. The firm provides expertise in the areas of valuation, transactions, financial restructuring, alternative assets, disputes and taxation, with more than 1,000 employees serving clients from offices in North America, Europe and Asia. Investment banking services in the United States are provided by Duff & Phelps Securities, LLC. Member FINRA/SIPC. M&A Advisory services in the United Kingdom and Germany are provided by Duff & Phelps Securities Ltd. Duff & Phelps Securities Ltd. is authorised and regulated by the Financial Services Authority. For more information, visit http://www.duffandphelps.com/ (NYSE: DUF)