‘Hopefully they will carry on’ - future of Ipswich store uncertain as firm enters administration
Select in Ipswich's Buttermarket. Business advisory firm Quantuma has been appointed as administrators of the retialers. Photo: Archant. - Credit: Archant
Ongoing financial difficulties have forced women’s fashion retailer Select into administration.
The chain has a branch in Ipswich's Buttermarket Centre - with the long-term future of the store is now unclear.
It operates 169 stores across the UK, employing around 1,800 people and boasting an annual turnover of £77m.
MORE: 'Mounting debts' force family-run Ipswich garage to close down after nearly 30 yearsQuantuma has been appointed as administrators of the business - with a spokesman blaming "prevailing high street conditions" for the difficulties.
They added: "The joint administrators are assessing the available options for the business to ensure its future operations."
Allan Hassell, who manages The Buttermarket, praised the Ipswich branch and expressed his desire for the company to overcome its financial woes.
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"All I can say is the store is trading well here," he said, "They are a cracking team and hopefully they will carry on trading."
There have been no redundancies made as a result of the administration.
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Andrew Andronikou, joint administrator at Quantuma, said: "Due to ongoing financial difficulties, I can confirm that Brian Burke, Carl Jackson and I have been appointed joint administrators of Genus UK T/A Select.
"We will continue to trade Select whilst we assess all options available to the business, with the aim of achieving the optimum outcome for all stakeholders. Options include a sale of the business, in addition to entering into discussions with those parties who have already expressed interest in acquiring the business.
"To support these efforts, a dataroom has been established and any further expressions of interest are invited. We will also be assessing CVA proposals which have been put forward by the directors."
If Select's Ipswich branch were to close it would be a blow to The Buttermarket Centre after a series of wins in recent months.
In March, it announced Superdry would be taking on three units, totalling 1635sq ft, at the site.While work on the new store is under way an opening date is yet to be revealed.
