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| Allders department store falls into administration | Allders department store falls into administration |
| (about 2 hours later) | |
| One of the country's biggest department stores, Allders of Croydon, has gone into administration in a move that puts 300 jobs at risk. | One of the country's biggest department stores, Allders of Croydon, has gone into administration in a move that puts 300 jobs at risk. |
| The 150-year old store's failure is the latest setback for part-owner Harold Tillman, who called in administrators to his Aquascutum business in April and also sold nearly all of his stake in Jaeger. | The 150-year old store's failure is the latest setback for part-owner Harold Tillman, who called in administrators to his Aquascutum business in April and also sold nearly all of his stake in Jaeger. |
| Allders has appointed Duff & Phelps to explore "all options" to save the business, blaming the collapse on "the well-publicised economic difficulties facing the UK". | Allders has appointed Duff & Phelps to explore "all options" to save the business, blaming the collapse on "the well-publicised economic difficulties facing the UK". |
| Allders had spent last week in negotiations with its landlord Minerva to reduce its rents, but the talks were unable to reach a solution. It is understood Minerva had already lowered the rent and Croydon council had deferred business rates, but to no avail. | Allders had spent last week in negotiations with its landlord Minerva to reduce its rents, but the talks were unable to reach a solution. It is understood Minerva had already lowered the rent and Croydon council had deferred business rates, but to no avail. |
| Andrew Mackenzie, an Allders director, said: "Whilst our funders, shareholders and concession partners have been supportive throughout and the ongoing restructure was progressing, the tough market conditions in the UK retail sector have forced the board to appoint administrators in order to protect the business and its creditors. We will now work with the administrator to continue ongoing discussions with funders and other interested parties in the business. With the considerable support already given by Croydon council and our landlord Minerva, I would hope that additional investment or a sale can be achieved." | |
| Administrators said they are "exploring all potential options to maximise the realisation for the company's creditors including a sale of the business". | Administrators said they are "exploring all potential options to maximise the realisation for the company's creditors including a sale of the business". |
| Tillman, one of the UK's best known retailers, rescued the business from administration in 2005, but reduced his ownership in the store to 35% last year, selling the remaining stake equally to retail restructuring firm Hilco and West Register, a Royal Bank of Scotland-owned investment company. | Tillman, one of the UK's best known retailers, rescued the business from administration in 2005, but reduced his ownership in the store to 35% last year, selling the remaining stake equally to retail restructuring firm Hilco and West Register, a Royal Bank of Scotland-owned investment company. |
| A spokesman for Croydon council said: "Allders informed the council that it had already been to the high court in Bristol to secure a notice of intention to appoint an administrator. The immediate support that the council could give was a deferral of business rates and we made an immediate offer to do so until January next year." | |
| Tillman could not be reached for comment. | Tillman could not be reached for comment. |