WARNING: Anyone hiring from Suits you / Youngs hire
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kr15snw
Posts: 2,264 Forumite
Just seen this on a wedding forum and thought the message should be spread.
One of the girls had this emailed to her in her place of work:
Speciality Retail Group proposes CVA to stave off collapseSpeciality Retail Group (SRG), which operates retail brands such as Suits You, Young’s Hire and Racing Green, has proposed a Company Voluntary Agreement (CVA) as a last ditch attempt to save the business by dramatically reducing costs.
SRG is proposing that it pay 60% of its normal rent levels on 42 of its 71 stores for a period of 18 months – although such a move would require a minimum of 75% of its landlords to agree in order to proceed. The group is owned by Egyptian textiles supplier Arafa Holding, which is understood to be likely to withdraw its support if the CVA is not accepted.
SRG boss Peter Lucas stated: "Unfortunately, despite undertaking a thorough operational restructuring of the business in the past year, we have been forced to take more radical steps.
"The combination of refocusing the business on to designers outlets, with a revitalised trading stance, and operational restructuring measures to improve margins and reduce operating costs will make a reorganised Suits You a profitable concern."
If the CVA proposal is accepted there is no immediate threat to jobs within the group as no short-term store closures are planned.
Commenting on the announcement, Richard Fleming, UK head of restructuring at KPMG, and proposed 'supervisor' of the CVA, said: "SRG is a successful brand in its designer outlet stores but has been unable to stave off the drop off in consumer demand in its high street stores. While the company has taken significant steps to address its problems, the business faces administration unless it can restructure its operations via a CVA.
"Unlike the JJB and Blacks CVAs where loss-making stores were closed and landlords of these stores were offered 6 months rent plus rates, SRG is not proposing to close any of its stores immediately. Landlords of the 42 loss-making stores will be offered 60% of the full rent for a period of 18 months. The stores will continue to trade during this period. If, however, the landlords wish to take on new tenants, they can do so by giving 45 days notice. We believe this offers the landlords more flexibility and, indeed, is more generous than previous proposals as the reduced rent over 18 months equates to 11 months rent. SRG will continue to pay rates in full."
KPMG will be holding a series of meetings with landlords this month ahead of a formal creditors meeting on 23rd February at which the 75% CVA consent will be sought.
One of the girls had this emailed to her in her place of work:
Speciality Retail Group proposes CVA to stave off collapseSpeciality Retail Group (SRG), which operates retail brands such as Suits You, Young’s Hire and Racing Green, has proposed a Company Voluntary Agreement (CVA) as a last ditch attempt to save the business by dramatically reducing costs.
SRG is proposing that it pay 60% of its normal rent levels on 42 of its 71 stores for a period of 18 months – although such a move would require a minimum of 75% of its landlords to agree in order to proceed. The group is owned by Egyptian textiles supplier Arafa Holding, which is understood to be likely to withdraw its support if the CVA is not accepted.
SRG boss Peter Lucas stated: "Unfortunately, despite undertaking a thorough operational restructuring of the business in the past year, we have been forced to take more radical steps.
"The combination of refocusing the business on to designers outlets, with a revitalised trading stance, and operational restructuring measures to improve margins and reduce operating costs will make a reorganised Suits You a profitable concern."
If the CVA proposal is accepted there is no immediate threat to jobs within the group as no short-term store closures are planned.
Commenting on the announcement, Richard Fleming, UK head of restructuring at KPMG, and proposed 'supervisor' of the CVA, said: "SRG is a successful brand in its designer outlet stores but has been unable to stave off the drop off in consumer demand in its high street stores. While the company has taken significant steps to address its problems, the business faces administration unless it can restructure its operations via a CVA.
"Unlike the JJB and Blacks CVAs where loss-making stores were closed and landlords of these stores were offered 6 months rent plus rates, SRG is not proposing to close any of its stores immediately. Landlords of the 42 loss-making stores will be offered 60% of the full rent for a period of 18 months. The stores will continue to trade during this period. If, however, the landlords wish to take on new tenants, they can do so by giving 45 days notice. We believe this offers the landlords more flexibility and, indeed, is more generous than previous proposals as the reduced rent over 18 months equates to 11 months rent. SRG will continue to pay rates in full."
KPMG will be holding a series of meetings with landlords this month ahead of a formal creditors meeting on 23rd February at which the 75% CVA consent will be sought.
Green and White Barmy Army!
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Comments
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Aaarrggghhh that's who we've decided to go with!! Not sure now, any advice? Only got 12 weeks until the wedding so were due to sort it out in the next week!0
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Ohhhh sh!!t we've paid our deposit there!:rotfl:Ahahah got my signature removed for claiming MSE thought it was too boring :rotfl:0
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When's your wedding frannyann? We were due to go to ashford on sunday to sort ours out but ran out of time before they shut. really need to sort something soon though
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Loonytoons wrote: »When's your wedding frannyann? We were due to go to ashford on sunday to sort ours out but ran out of time before they shut. really need to sort something soon though
October, so got time so sort it, but it was the ONLY place that made my OH feel comfortable about the whole process, prices were good too. I will pop to Maidstone in a week or so and double check with them about what is happening.:rotfl:Ahahah got my signature removed for claiming MSE thought it was too boring :rotfl:0 -
We thought we'd got it sorted other than actually going there. Showed my dad the brochure on tuesday and OH has emailed his best men to show them. Need to commit to something as we only have 12 weeks now but really not sure what this exactly means. Cameron Ross has been recommended to us but they're so much more expensive 0
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Loonytoons wrote: »We thought we'd got it sorted other than actually going there. Showed my dad the brochure on tuesday and OH has emailed his best men to show them. Need to commit to something as we only have 12 weeks now but really not sure what this exactly means. Cameron Ross has been recommended to us but they're so much more expensive
May be worth speaking to them, Youngs Hire has been going for donkeys years, and I 'think' they only use Suits You floor space? We will check with them, but think the Youngs Hire will go on even if the Suits You doesn't just how it would work in that case, collecting and measuring up etc
ETA, I see they are under the same 'company' but what I mean is I 'think' the hire side is quite strong.:rotfl:Ahahah got my signature removed for claiming MSE thought it was too boring :rotfl:0 -
Thanks frannyann, i'll get OH to give ashford branch a ring to see if we can find anything out0
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did you know there is a suits you at dockside retail outlet in chatham?
there is also a menswear hire place in chatham town centre. newcombs I think its called. its an independant, been going for ever.0 -
according to a friend who a manager at suits you the company aren't owned by srg the company that owns house of fraiser and debhams owns suits for you now i'll google it later just to confirm unless one of you can before me :P x0
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Ooops had decided earlier today to go with these as I like the suits and they are the cheapest. Might have to think about Debenhams. xI have had many Light Bulb Moments. The trouble is someone keeps turning the bulb off
1% over payments on cc 3.5/100 (March 2014)0
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