Mercer & Hole’s strategy approved at creditors’ meeting for fitness shoe brand
Creditors collectively approved Mercer & Hole’s strategy for the administration of Masai GB Limited at yesterday’s creditors meeting.
Chris Laughton and Peter Godfrey-Evans of Mercer & Hole had been appointed in May 2012 as joint administrators of the UK distributor for the high-street shoe brand MBT with stores and concessions throughout the UK.
The administrators had the company continue to trade for as long as stocks were available and costs could be controlled tightly. The result was 2 months of profitable trading, during which some of the 53-strong workforce could continue to be employed.
The prospects for creditors of the UK company have improved significantly since Mercer & Hole’s appointment with a more favourable return than initial findings would have forecast.
This development raises new questions about the possible future of the brand, Chris Laughton said “A strong trading result during administration has been the best possible outcome for UK creditors, but it is also good for customers as it demonstrates that the brand could survive here if a new investor can be found for the Swiss business."
The UK company will now go into liquidation so that the money realised by the administrators can be distributed to creditors.
Masai GB's parent company and other related businesses are subject to separate Swiss insolvency proceedings.
Date: 17th July, 2012
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