But the outdoor activities retailer has been struggling long before the pandemic - it lost £54.9 million in the six months to August 3 last year. It comes as the group said it is now restructuring the business, having appointed Michael Magnay and Daniel Butters of Deloitte as joint administrators.. Its board had reportedly considered a “number” of strategic options for Go Outdoors, including marketing … The move could potentially put 2,400 jobs at risk across its 67 stores. In a statement on the London Stock Exchange website, JD Sports Fashion PLC said: "The Group can confirm that it has considered a number of strategic options for Go Outdoors and that Go Outdoors' directors have lodged the Notice in Court. At the time of writing, Go Outdoors has reopened 64 of its UK shops, with just three still listed as closed in Hathersage, Oxford and Southport. JD Sports has bought back retail chain Go Outdoors after placing it into administration earlier in the week, which we reported on here.The company claims that the deal, which is said to be structured as a pre-pack administration sale, will preserve “as many jobs as possible” and honours existing agreements with suppliers. Thread starter True Romance; Start date 22 Jun 2020; Prev. Michael Magnay and Daniel Butters of Deloitte were appointed as joint administrators of Go outdoors yesterday (23 June 2020). By Newsquest Digital Content Team Go Outdoors store in Saltney. Coronavirus: JD-owned Go Outdoors on brink of administration. To inquire about a licence to reproduce material, visit our Syndication site. License Activity Packages Packages ensure you have everything you need based on the fishing / hunting activity you would like to participate in. JD Sports Group, owner of the GO Outdoors brand, has confirmed that it is ‘looking at options’ for the chain after reports emerged that bosses were poised to call in administrators. The UK's Biggest Outdoor Stores. Big brand outdoor clothing, tents & camping, cycling and more. Go Outdoors in administration. Go Outdoors, which sells camping equipment, bikes and clothes, was forced to close all its stores in March due to the ongoing coronavirus crisis. On Saturday, Sky News had exclusively revealed that Go Outdoors was on the brink of administration - four years after retail giant JD Sports Fashion first bought it for £100m. Read more: JD Sports-owned Go Outdoors on brink of administration, with 2,400 jobs on the line “Administrators have not yet been appointed and … Retailers that have sadly fallen into administration this year include Victoria's Secrets, Oasis, Warehouse and Debenhams. GO Outdoors is the latest in a long list of businesses to be facing trouble. $70.00. JD Sports, who own the company, said the move will “preserve as many jobs as possible” at the troubled retailer, which sells waterproof clothing, bikes and camping … Go Outdoors rescued from administration with jobs saved. Coronavirus: JD-owned Go Outdoors on brink of administration. "Administrators have not yet been appointed.". The owner of Go Outdoors has bought back the business for £56.5 million after pushing it into administration. Deloitte has been appointed to oversee the process - … After appointing Deloitte as administrators, JD Sports paid £56.5m for Go Outdoors in what is known as a pre-pack administration. Arcadia Group. It said the move would "preserve as many jobs as possible" at Go Outdoors, which sells waterproof clothing, bikes and camping products. "The Sun", "Sun", "Sun Online" are registered trademarks or trade names of News Group Newspapers Limited. This successful sale will provide Go Outdoors with an opportunity to restructure its business to secure its future for the long term. Share. Consultants help hospital group in Bermuda Hospitals save millions. The Sun website is regulated by the Independent Press Standards Organisation (IPSO), Our journalists strive for accuracy but on occasion we make mistakes. Add to Bookmarks; Comment. The deal saw JD Sports spend £56.5 million to buy back the business, having pushed it into administration in the first place, but in the long-term the owners hope this will actually help to save money. For other inquiries, Contact Us. JD Sports said … It said the move will “preserve as many jobs as possible” at the troubled retailer, which sells waterproof clothing, bikes and camping products. To see all content on The Sun, please use the Site Map. Most importantly, we are pleased that it will protect the maximum number of jobs possible.”. The owner of Go Outdoors has bought back the business for £56.5 million after pushing it into administration. In late 2020, fashion retailer Bonmarché fell into administration for the second time in 14 months, placing 1,500 jobs at risk. Following the appointment, JD Sports Fashion, via newly incorporated subsidiary JD Newco 1, has re … Go Outdoors is the latest retailer pushed to the brink during the coronavirus crisis. The Sun has contacted JD Sports group for additional comment and we'll update this article when we hear back. An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Go Outdoors. Advisers were appointed to support the process of Go Outdoors potentially being sold in May but it was subsequently decided that a pre-pack administration deal would be the best route forward. JD Sports has filed for court protection for its subsidiary Go Outdoors to keep creditors at bay as it mulls over what to do with the business. Keystone Law corporate recovery and insolvency specialist Patrick Elliot said that Go Outdoors going into administration is just the “tip of the iceberg” in the retail industry. JD Sports in talks to put Go Outdoors in administration with 67 stores at risk The coronavirus pandemic has ramped up pressure on the struggling high street - … Deloitte has unveiled plans to almost triple its consulting team in the North of England. RSM administrators complete sale of Bonmarché. JD Sports, who own the company, said the move will “preserve as many jobs as possible” at the troubled retailer, which sells waterproof clothing, bikes and camping products. Elliot said: “The news that Go Outdoors has entered into a pre-pack administration is just the tip of the iceberg for the increasing number of restructurings we will see in the retail sector in the months to come. Big Four accountancy giant Deloitte is said to have been lined up by JD Sports as administrator for Go Outdoors, which employs about 2,400 people across 67 stores. If you put a company into administration you should be banned from buying it … Reporter, Accountancy Daily, published by Croner-i Ltd. View profile and articles. However, while owner JD Sports insists it will protect ‘the maximum number of jobs possible’, it also confirmed it will now push forward with large-scale restructuring efforts. Days after the collapse of retail empire Arcadia, fashion retailer Bonmarché has fallen into administration, placing 1,500 jobs at risk. By buying its own subsidiary, Kast Retail, out of administration, Quiz was able to begin a restructuring programme, which includes the renegotiation of rent on its 82 standalone stores in the UK and Ireland. The group filed the notice on Friday and is understood to have lined up restructuring experts from Deloitte. JD Sports has put Go Outdoors into administration, just four years after buying the company for £112million. We've got a full round-up of all the shops and restaurants that have gone bust here. Sir Philip Green's Arcadia Group went into administration on Monday, November 30, … Asda shopper shares trick to skipping long queues in store with mobile app, Martin Lewis explains how to save £1,000s on your council tax bill, Mum wins landmark Universal Credit court case to get childcare paid upfront, Shoppers paying £100 extra per outfit as EU retailers struggle with new rules, Martin Lewis explains how to reclaim £100s from your energy supplier, ©News Group Newspapers Limited in England No. Sky's City editor Mark Kleinman said then that JD was expected to use an insolvency process to restructure the chain, which trades from 67 shops. Go Outdoors’ 2,400 staff have been handed a temporary reprieve, after the collapsed company was sold out of administration by professional services firm Deloitte. Go Outdoors goes into administration – but is bough back by JD Sports ready for restructure and store lease revamp As expected , JD Sports has put Go Outdoors into administration – however, the retail group has bought back the camping chain as it sees it as a viable business if it can be restructured, pay down its debts and renegotiate leases. JD SPORTS has pushed Go Outdoors into administration - but immediately bought back the business for £56.5 million. T6 Legend. View our online Press Pack. Go. JD Sports Fashion has filed a notice to appoint administrators to its Go Outdoors brand. 24 Jun 2020. JD Sports, which owns Go Outdoors, said in a statement it had looked at the options for Go and had decided to start the administration process. A consideration of £56.5 million has been paid by JD Sports to reacquire Go Outdoors, with plans in place to see the employment of more than 2,000 staff of the business transferred alongside … The owner of Go Outdoors has bought back the business for £56.5 million after pushing it into administration. The owner of Go Outdoors has bought back the business for £56.5 million after pushing it into administration. By LaToya Harding 23 June 2020 • 7:36pm JD Sports has bought back its Go Outdoors chain for £56.5m after the adventure equipment retailer was put into administration. 25 Jun 2020 #41 Skyliner33 said: Thats how I've interpreted all the information also. JD Sports has bought back its Go Outdoors business for £56.5 million after pushing it into administration. GO Outdoors is on the brink of collapsing into administration, in what would be the latest casualty to hit the UK high street. JD Sports is preparing for a possible pre-pack administration of Go Outdoors after the retailer was laid low by the lockdown.The FTSE 100 sportswear and equipment group filed a notice of intention to The Go Outdoors situation is similar to that of fashion retailer Quiz, which recently tapped KPMG administrators to restructure its store portfolio. JD Sports Fashion is launching an insolvency process at Go Outdoors four years after buying it, Sky News learns. JD Sports is set to reacquire Go Outdoors out of administration in a move to restructure the outdoor clothing and equipment retailer and "preserve as many jobs as possible". 24 Jun 2020. Deloitte has announced the appointment of two senior partners: Hannah Routh and Charlotte Warburton. Retailers have tried to survive on … Deloitte handles £56m Go Outdoors pre-pack administration . VanDamMan Senior Member. In mid-June 2020, it emerged that JD Sports-owned outdoor clothing and footwear retailer Go Outdoors has lined up restructuring experts from Deloitte to review its business, after suffering a sharp downturn in sales due to the Covid-19 pandemic. The deal saw JD Sports spend £56.5 million to buy back the business, having pushed it into administration in the first place, but in the long-term the owners hope this will actually help to save money. The sale of KPMG UK’s restructuring arm is reportedly progressing at pace, just months after the global leadership of Big Four rival Deloitte vetoed similar efforts in its own British wing. Go Outdoors’ Possible Administration Brings Calibre Future Into Question. Bonmarché appoints RSM for second administration in 18 months. UK stationary firm Paperchase is reportedly on the brink of administration, after muted Christmas sales thanks to Covid-19 restrictions. This service is provided on News Group Newspapers' Limited's Standard Terms and Conditions in accordance with our Privacy & Cookie Policy. Go Outdoors isn't the only retailer to confirm money struggles during the coronavirus crisis. JD Sports Fashion bought Go Outdoors, which sells bikes, tents … Private equity moving in on KPMG's restructuring division. The Go Outdoors situation is similar to that of fashion retailer Quiz, which recently tapped. THE owner of Go Outdoors has bought back the business for £56.5 million after pushing it into administration. As of June 23rd, Go Outdoors appointed Deloitte as its administrator, and the Big Four audit and advisory firm swiftly oversaw its sale back to JD Sports. By Grace Whelan 22 June 2020. 1; 2; 3; First Prev 3 of 3 Go to page. JD Sports, who own the company, said the move will “preserve as many jobs as possible” at the troubled retailer, which sells waterproof clothing, bikes and camping products. Georgia Resident residency switch. In the case of Go Outdoors, JD Sports said it considered potential options for the chain, which has 67 stores nationwide, in May, including a potential sale – but ultimately determined that the business had a potential future within the wider group, “if fundamentally restructured.” While for the meantime JD Sports said it will “preserve as many jobs as possible” at Go Outdoors, it will now push forward with a major restructuring of Go Outdoors. Go Outdoors goes into administration – but is bough back by JD Sports ready for restructure and store lease revamp As expected, JD Sports has put Go Outdoors into administration – however, the retail group has bought back the camping chain as it sees it as a viable business if it can be restructured, pay down its debts and renegotiate leases. News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services. JD Sports is likely to appoint administrators for its subsidiary Go Outdoors after the brand was forced to close all of its 67 stores during lockdown. News. The Go Outdoors camping stores chain is going into administration. Go Outdoors’ 2,400 staff have been handed a temporary reprieve, after the collapsed company was sold out of administration by professional services firm Deloitte. JD Sports has bought back retail chain Go Outdoors after placing it into administration earlier in the week, which we reported on here.The company claims that the deal, which is said to be structured as a pre-pack administration sale, will preserve “as many jobs as possible” and honours existing agreements with suppliers. The firm confirmed that it intends to “retain the majority” of its retail stores across the country – though that statement does notably make room for some closures and job losses in the future. Mace & Menter wins NHS research projects in the South West. I’m particularly pleased that we have been able to secure the employment of all the Company’s workforce, and we’d like to thank all employees and key stakeholders for their support throughout this process.”. as its administrator, and the Big Four audit and advisory firm swiftly oversaw its sale back to JD Sports. GO Outdoors could be looking set to enter into administration after filing a notice of intent this week. JD Sports today confirmed it has bought back its subsidiary Go Outdoors for £56.5m after placing it into administration earlier this week.. Shares in JD Sports dropped almost two per cent as trading started in London this morning, June 22. KPMG’s contract will run for another two years, and cost just a fraction of that figure. This means the company has not officially entered administration. However, while owner JD Sports insists it will protect ‘the maximum number of jobs possible’, it also confirmed it will now push forward with large-scale restructuring efforts. Paperchase becomes latest victim of Covid-19 recession. Hannah Routh and Charlotte Warburton join Deloitte as partners. VIP Member. Annual License Packages. The firm, which The Sunday Times reported was on the brink of collapse, has already lost £291.1 million in the six months to August 2019, and the lock-down of 2020 compounded the situation, placing 2,400 jobs at risk. Peter Cowgill, Executive Chairman of JD Sports, said, “Having investigated all available options for the business, we firmly believe that this restructuring will provide Go Outdoors with a platform from which it can progress whilst remaining a member of the group. Michael Magnay, joint administrator, said, “Like many high street retailers, Go Outdoors Ltd has been seeking to address a number of underlying business challenges in the current UK retail environment, which have been exacerbated by the impact of Covid-19. Go To Site . JD’s Go Outdoors prepares for administration. JD Sports bought Go Outdoors in 2016 for £112 million. GO Outdoors is on the brink of collapsing into administration, in what would be the latest casualty to hit the UK high street. Pat Sweet. Consultants share their predictions for 2021, As a new year brings an end to some long-running issues, while posing a whole new list of uncertainties, many firms still face countless challenges regarding digitalisation, workplace relations and n, Deloitte plans to nearly triple its consulting team in the North. He also urged people stepping outdoors for employment to wear face masks and maintain social distancing protocols. The owner of Go Outdoors has bought back the business for £56.5 million after pushing it into administration. For further details of our complaints policy and to make a complaint please click this link: thesun.co.uk/editorial-complaints/, Comments are subject to our community guidelines, which can be viewed, Go Outdoors could be the next retailer to fall into administration, Shoppers queue with social distancing measures as high street reopens in UK, shops and restaurants that have gone bust, Independent Press Standards Organisation (IPSO). Pat Sweet. JD Sports Fashion is launching an insolvency process at Go Outdoors four years after buying it, Sky News learns. Consulting firm Mace & Menter has won a competitive tender to work with the NHS on a series of projects to adapt and innovate health services in the South West. Found something we sell cheaper? by Hannah Dobson 7 months ago 2. JD Sports has put Go Outdoors into administration, just four years after buying the company for £112million. . JD Sports, which owns Go Outdoors, has filed a notice of its intention to appoint administrators. 679215 Registered office: 1 London Bridge Street, London, SE1 9GF. The chain has a large store in Old Abingdon Road, Oxford. Big Four firm KPMG has helped the Bermuda Hospitals Board save almost $30 million over the last three years. It's disgusting that this practice is legal imho. By buying its own subsidiary, Kast Retail, out of administration, Quiz was able to begin a restructuring programme, which includes the renegotiation of rent on its 82 standalone stores in the UK and Ireland. Deloitte has been called in as administrators to Go Outdoors, and has sold the high street camping clothing and supplies company in a £56.5m pre-pack deal to owners JD Sports Fashion. JD SPORTS has pushed Go Outdoors into administration - but immediately bought back the business for £56.5 million. 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