Leading the BID industry
POSTED ON: 09/04/2019
It has been announced that Debenhams is now in the control of its lenders as part of a pre-pack administration process. The lenders are made up of High Street banks and US hedge funds including Barclays, Bank of Ireland and GoldenTree.
Debenhams has 165 stores, which will initially continue to trade.
50 branches had already been earmarked for closure in the future.
Debenhams employs about 25,000 people.
Debenhams has also been renegotiating rents with landlords to help address its funding problems.
It has not released a list of which shops may be shut.
In February, it was revealed that the closure of 20 of those stores could be brought forward if the retailer took out a company voluntary arrangement (CVA), a form of insolvency that can enable firms to seek rent cuts and close unwanted stores.
What is a pre-pack administration?
A pre-pack administration lets a company sell itself, or its assets, as a going concern, without affecting the operation of the business.
Administrators take over the running of the business to protect creditors and shareholders lose their investments.
Advice for BIDs
This differs depending on the year of the BID term and whether the charging model used is chargeable day or daily charging.
BIDs that are developing or budgeting for a renewal should consider amending budgets accordingly as levy income could be affected.
BIDs that operate on the chargeable day model and are currently budgeting for financial year commencing in April should consider re-budgeting as it may mean that Debenhams will not have to pay BID levy bills as administration may release them from these unpaid liabilities.
BIDs that operate on the daily charging model should consider re-budgeting if Debenhams BID levy has not yet been paid as administration may release them from these unpaid liabilities.
For more advice get in touch with us at contact@britishbids.info or visit www.britishbids.info
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