Carluccio's is going into administration.Ashurst Grabs Second High Street Administration Mandate In Days
This is the second high-street administration mandate for Ashurst this week.
March 31, 2020 at 05:38 AM
2 minute read
Ashurst has won its second advisory role on a high street administration this week, as the retail market continues to suffer.
The firm is advising on the collapse of high street Italian restaurant chain Carluccio's Limited, which operates 73 stores across the U.K. and Ireland and employees 2,100.
Ashurst's team is led by restructuring partner Drew Sainsbury and corporate partner Bruce Hanton. Sainsbury is currently also advising on the collapse of U.K. rent-to-buy company BrightHouse, which entered administration on Monday.
In 2018 the company applied for a company voluntary arrangement. Hanton advised the company's owner, Landmark Group, on the matter at the time.
A statement by Carluccio's directors stated the decision to place the company into administration followed "a sustained period of challenging trading conditions, which have been exacerbated by COVID-19 and the broader issues currently facing the U.K.'s retail and hospitality sector."
The COVID-19 crisis has put pressure on an already strained high street retail markert.
Earlier this month, homeware brand and fashion chain Laura Ashley cited COVID-19 as a contributing factor to its collapse, which Travers Smith advised on.
Last month, restructuring lawyers told Law.com's U.K. arm Legal Week that they were likely to face an uptick in work as companies could face financial difficulties in light of the coronavirus pandemic.
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