Mothercare is putting its U.K. operations into administration.Bird & Bird Flies In For Mothercare Collapse
The company's previous CVA proposal, which Slaughter and May advised on, was approved last year.
November 04, 2019 at 07:55 AM
2 minute read
Bird & Bird has won a mandate on Mothercare's administration, as the company becomes the latest high-street stalwart to collapse.
Mothercare PLC has started a process to put its subsidiaries Mothercare U.K. Limited and Mothercare Business Services Limited into administration.
Mothercare has appointed Bird & Bird to advise on the administration process, according to a person with knowledge of the matter.
The company stated that in the financial year ended March 2019, the baby goods retailer's U.K. operations had seen a profit loss of £36.3 million and therefore, its U.K. stores "are not capable of returning to a level of structural profitability and returns that are sustainable for the group".
The statement added that the company "is unable to continue to satisfy the ongoing cash needs of Mothercare U.K.".
The move follows a company voluntary arrangement (CVA) proposed by the high-street chain last year, which saw the closure of 50 stores across the country.
At the time, Slaughter and May, a longstanding adviser to Mothercare, led for the company on the restructuring.
King & Spalding advised chief executive Mark Newton-Jones, with corporate partner William Charnley and employment partner Jules Quinn leading the team.
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