Thursday 27th Oct 2016 - Logistics Manager

Unwins collapses with debts of £30m

Unwins, the off-licence retail chain, has collapsed with the loss of 1,400 jobs.
It’s private equity owners have announced plans to sue the company’s former directors, shareholders and auditors after claiming it had discovered a £13.2m black hole in the business’s finances. DM Private Equity who bought the chain back in March for £32m, including debt, claims that the business turned out to be worth £13.2m less than the vendors had said. It said that it would commence legal action shortly and would “pursue full restitution and damages from all concerned to the fullest extent permitted.”

Myles, Halley, one of teh joint administrators, said: “Unwins has suffered from increased competition from supermarkets. The directors have tried unsuccessfully to restructure or sell the business and it is evident that this company is making excessive losses.”