Exclusive: Faith on the brink of administration
Wednesday 21 April 2010
Faith, the 78-store footwear retailer, is set to appoint administrators as soon as this evening.
The retailer, which has £14m of debt, is understood to be on the verge of appointing Heath Sinclair at the firm Mazars as administrator.
News of the expected administration came as further details emerged about a purchase of the retailer's debt.
The restructuring specialist Hilco is thought to have bought out the debt of investors and lenders in Faith.
A deal on Faith's debt is believed to have been tied up by Hilco last night.
Hilco is understood to have purchased the debt of £14m that the bank Barclays, the investment fund Agilo and the management team led by John Kinnaird have in the retailer. Faith also has 120 concessions, which are mainly in the department store Debenhams.
The revelation of the deal comes as a group of major footwear suppliers are reported to have set the wheels in motion to collect stock from Faith’s shops and concessions business in Debenhams under retention of title rights. Grant Thornton has been running the sale of Faith, which made EBITDA of £1.5m in the year to January.
Today, Barclays, Grant Thornton, Hilco, Faith, Mazars and Agilo declined to comment.
World's most lethal spider found under a bunch of bananas
Rumours that the star wants to move on to pastures new
TV presenter Fiona Bruce seemed a bit startled by the find during the filming of Antiques Roadshow
Comedian says he 'never laughed as hard as I have writing with Rik'
- 1 Sick elderly man makes 'complete turnaround' after emotional reunion with dog
- 2 Star Wars memorabilia dubbed 'bit of plastic' by Antiques Roadshow's Fiona Bruce valued at £50,000
- 3 Isis fighters 'crucify' 17-year-old boy in Syria
- 4 Ebola cruise ship ‘in utter panic’ as Mexico and Belize refuse to let it dock
- 5 Death of northern white rhino leaves just six of endangered animals left in the world
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Sorry Judy Finnigan – Ched Evans is no less sickening than an alleyway rapist
Residents should throw a street party and mix with immigrant neighbours, councils told
Workers 'could be forced to pay £5 a week' to get benefits
Russell Brand threatened with arrest after filming outside Fox News headquarters
Amal Alamuddin calls for the return of the Elgin Marbles from Britain: 'Injustice has persisted for too long'
iJobs Money & Business
£60,000 - £80,000: Saxton Leigh: Our client is an leading Asset Manager based...
£27000 - £32000 Per Annum: Clearwater People Solutions Ltd: Our large charity ...
£50000 - £55000 per annum + bonus + benefits: Ashdown Group: IT Relationship M...
Highly Attractive Salary : Austen Lloyd: NOTTINGHAM - BRILLIANT FIRM - You wil...