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Published
Jun 1, 2017
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Store Twenty One given more time to find survival plan

Published
Jun 1, 2017

Troubled discount retailer Store Twenty One has been granted two more weeks to raise money and avoid administration, it emerged on Thursday.


Photo: Store Twenty One


The retail chain has 125 high street shops across the UK and employs 1,000 people.

According to reports, it was handed a stay of execution by the HMRC and creditor State Bank of India after receiving an offer for its Solihull head office and warehouse for approximately £3.2 million.

The stay of execution will give the retailer more time to “continue its refinancing discussions”, said restructuring advisors Alix Partners.

Store Twenty One was sent a winding-up notice by HMRC earlier this month for failing to meet its rent payments under the terms of last year’s CVA. The company is struggling to find an investor, with the State Bank of India having refused to continue providing funding.

The 2016 CVA deal allowed Store Twenty One to shut 77 shops and cut the remaining rents by 25%, however the business failed to meet payments amid tough trading conditions. 

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