Jobs saved after buyer found for fashion firm
Monday 11th February 2013, 11:30AM GMT.
SDS, one of the Collections Group shops
THE fashion retailer which collapsed last week has been sold to an anonymous investor and up to 40 Islanders will be offered jobs after being made redundant.
The Collections Group – which owned several stores including Freedom, Quicksilver, SDS and the AXLE chain – went into liquidation last week after the firm failed.
Liquidators Alan Roberts and Jamie Toynton, of consultancy firm Grant Thornton, this morning announced the sale of the business.
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Good news
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great news
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Potentialy really good news. Presume that the deal will be scrutinised to make sure the old company hasn’t simply side-stepped its creditors (often the forgotten victims of a business failure).
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Good news for the island!
Now Collections Group – look at your prices
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Sorry – great that jobs are saved but new Company set up by the old MD who ran the Collections Group business into the ground, leaving debts (taxpayers step in to pick up the pieces) and start anew with new name and same MD who has, just by chance, had a company ready to take on the business as soon as the liquidators were called in – This has happened too fast and new Company waiting in the wings ready just doesn’t add up – its underhanded and cheating honest people who have been left with debts – great for jobs but terrible precedent set for Island Businesses.
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Yup, needs looking at this.
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slight coincidence methinks?! so will the “new” owner repay the Social Security Dept who had to pay the staffs wages for the last month?
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What is to stop any other business doing the same therefore i presume not paying GST debts etc i am sure in time only the profitable shops will remain be interesting what or any new contracts for the staff are.
Really happy for the staff though.
But a bit of a kick in the teeth for other business people on an ethical front.
Phoenix rising thought that was all stopped.
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Firstly I do not know the full facts as the MD has not, as far as I know , faced the media and answered the questions raised . I have to say that I find it and I don’t mean this in a non caring way, amazing that the states pay the last months salary…does that mean then when an employer with 300 staff suffers the same fate then the tax payer foots that bill as well ?Only in jersey. I have lost all faith in the States in the management of the decline in the economy . Tax free money for people to get to work, oh please give me a break! The way its going at the moment taxes will rise and the middle income tax payers are going to get squeezed to pay for more people being unemployed, STOP issuing social security cards to non locals today and stem the unemployment pile, or have you not got the bottle to do it, because it may go against some European legislation!! There are no jobs for people to go to , things will get a lot worse . it really is doom and gloom and the fight is on.
Middle income tax payer…..
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Actually not “only in Jersey”. There has been a lot of abuse of the “prepack” route in the UK for existing owners to put a company into this half-way house to liquidation, shed all your creditors and then restart.Commercial landlords have been up in arms about it but what do you expect with upwards only rent increases in this changed economic world. The Finance Industry worldwide stoked this bubble that nearly wrecked the real economy.Shadow banking structures that obviated the sensible capital adequacy rules were rife in contributing to that game and the offshore centres pivotal in that so reasonable payback that things are going so badly for the likes of Jersey now.
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I agree 100% stop giving out social security full stop to anyone who has just arrived whereever they are from UK anyway does not matter. If there is no work, no homes etc then why oh why would be giving out social security cards in the first place. They should on arrival be interviewed saying where will you be living and have you got a job if the answer is no as in the USA then sorry but off you go again ! Its not rocket science. I had a friend visit me from the Uk and they were shocked that an Island 9 by 5 had some many foreign people !
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Disgusted,
l agree with your comments. It is the great and the good who continue to allow such fraud.
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