Michael Solomons and Andrew Pear of BM Advisory LLP, the specialist restructuring, recovery and insolvency firm, have been appointed as Joint Supervisors of the Company Voluntary Arrangement (CVA) of Genus UK Limited trading as Select Fashion (“the Company”).
The appointment follows approval of the proposal by the required majority at a virtual creditors’ meeting held on 2 September 2020.
Select Fashion, which is being advised on the process by law firm Howard Kennedy, has a strong presence in the women’s-wear retail market, operating a number of stores across the UK and with an international reach via their online offering.
Michael Solomons comments: “The retail sector across the UK has reported significant operating losses as a result of the COVID-19 lockdown, with a high number of store closures and a significant loss of jobs. Retailer Select Fashion, too, has been heavily impacted by the pandemic, making the previous lease arrangements unattainable if the business was to continue. This led the Directors to seek to renegotiate lease commitments and to re-organise their property portfolio.
“Now that the CVA is in place, part of a wider turnaround programme with the aim of protecting key stores and preserving jobs, the Company can use this as a platform to work towards a strong and sustainable future, providing the best outcome for all.”
Creditors of Genus UK Limited t/a Select Fashion should email email@example.com.