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Big UK Retailer Finelist For Sale

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LONDON, UK (11 October) – Ernst and Young have been appointed administrative receivers to Finelist PLC. The company which has a turnover of GBP500 million (US$724mn;EUR833mn) and employs approximately 5,500 people in the UK. Primarily a car components supplier and retailer, Finelist also sell bicycles and accessories through their high street stores “Motorworld” (250 outlets). […]

LONDON, UK (11 October) – Ernst and Young have been appointed administrative receivers to Finelist PLC. The company which has a turnover of GBP500 million (US$724mn;EUR833mn) and employs approximately 5,500 people in the UK. Primarily a car components supplier and retailer, Finelist also sell bicycles and accessories through their high street stores “Motorworld” (250 outlets). However, the media release issued by the receivers, made no mention of the Charlie Brown stores (140 outlets) also in the Finelist group which sells bicycles and accessories too.
Alan Bloom, Corporate Restructuring Partner said ” We have already received a number of expressions of interest for the business which we are trading as a going concern. We are very confident of finding a buyer for Finelist PLC and we are currently looking at the most effective way of packaging it up for sale”.
News of the receivership was met with great surprise as it is so close on the heels of the buyout by an investment group earlier this year and less than one year after the company was nominated as the most entrepreneurial in Europe by Growth Plus, the European Enterprise Association. (MR)

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