MCR completes sale of Robbs department store in Hexham

MCR completes sale of Robbs department store in Hexham

MCR, the administrators for department store business Vergo Retail Limited ("the Company"), has announced the successful sale of Robbs department store in Hexham, Northumberland to J E Beale PLC. The deal was completed on 3 June 2010, following the appointment of joint administrators Sarah Bell and Steven Muncaster, Partners at MCR earlier in May.

Robbs department store is one of 17 Vergo outlets currently operating across the UK that includes other significant department stores such as Joplings of Sunderland and Derrys of Plymouth. Sarah Bell, Partner of MCR, stated: "Following an effective administration process, we are delighted to confirm the sale of such an iconic store in the region. It's positive news for both the 76 Company employees whose jobs will be directly transferred to the new owners as well as the local community."

J E Beale PLC is a retail group based in Bournemouth operating 12 department stores across the UK that includes the recently purchased Robbs. It purchased Robbs as a going concern including all assets, brand, intellectual property and employees.

MCR encourages potential purchasers to contact them to discuss the sale as a going concern, of the 16 remaining stores. If purchasers are not found, an announcement confirming the final days of trading for these stores will be made later this month. Interested parties should contact MCR on 0161 827 9000.

About MCR
MCR was formed in April 2001 to offer turnaround, restructuring and insolvency services of outstanding quality to banks, lenders, business owners and individuals in the mid-market sector. It aims to provide the most practicable ways to resolve issues affecting business performance.

The firm has 13 partners who practice an ethos of high-level involvement to ensure that each assignment capitalises upon the expertise and knowledge of the whole team.

MCR regularly handles significant projects across a range of sectors and has been involved in a number of high profile cases. MCR is increasingly being asked to restructure businesses and find turnaround solutions to help companies avoid formal insolvency. Sectors include retail, financial services, property, manufacturing, printing, recruitment, hotels, leisure, e-commerce, automotive, telecommunications, music, entertainment and construction.

For more information, www.mcr.uk.com


For further information, please contact

Richard Merrin / Luke Derbyshire
Spreckley Partners Limited

T: 0207 388 9988
E: merrin@spreckley.co.uk
E: derbyshire@spreckley.co.uk