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You can find the current article at its original source at https://www.theguardian.com/business/2018/oct/31/crawshaw-chain-of-butchers-falls-into-administration
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| Version 1 | Version 2 |
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| Crawshaw chain of butchers is put into administration | Crawshaw chain of butchers is put into administration |
| (35 minutes later) | |
| The butchers chain Crawshaw Group is going into administration, threatening the closure of 54 shops employing 600 people unless a buyer can be found. | The butchers chain Crawshaw Group is going into administration, threatening the closure of 54 shops employing 600 people unless a buyer can be found. |
| The Yorkshire-based company, which was founded in 1954, has been talking to investors for the past month but has failed to raise the funds it needed. | The Yorkshire-based company, which was founded in 1954, has been talking to investors for the past month but has failed to raise the funds it needed. |
| It expects to appoint administrators on Wednesday who will try to find buyers for the business and its assets. Crawshaw has 42 high street shops and 12 factory outlets across the Midlands and north of England. | It expects to appoint administrators on Wednesday who will try to find buyers for the business and its assets. Crawshaw has 42 high street shops and 12 factory outlets across the Midlands and north of England. |
| Ranjit Singh Boparan, the entrepreneur known as the “chicken king”, is the biggest shareholder with a 29.7% stake in the business and is an adviser to the board. His 2 Sisters Food Group also supplies Crawshaw. | Ranjit Singh Boparan, the entrepreneur known as the “chicken king”, is the biggest shareholder with a 29.7% stake in the business and is an adviser to the board. His 2 Sisters Food Group also supplies Crawshaw. |
| Like other high street retailers, Crawshaw has been hit by rising rents, higher business rates and fragile consumer confidence ahead of Brexit. It has also faced increased competition from Aldi and Lidl, which are putting pressure on the big four supermarkets – Tesco, Sainsbury’s, Asda and Morrisons – to cut prices. | Like other high street retailers, Crawshaw has been hit by rising rents, higher business rates and fragile consumer confidence ahead of Brexit. It has also faced increased competition from Aldi and Lidl, which are putting pressure on the big four supermarkets – Tesco, Sainsbury’s, Asda and Morrisons – to cut prices. |
| Gourmet Burger Kitchen: The up-market burger chain wants to close 17 of its 85 restaurants via an insolvency process known as a company voluntary arrangement (CVA) | Gourmet Burger Kitchen: The up-market burger chain wants to close 17 of its 85 restaurants via an insolvency process known as a company voluntary arrangement (CVA) |
| House of Fraser: The department store chain is expected to close about 12 stores after being bought out of administration by Mike Ashley. It had agreed a CVA under which 31 stores were to close, but this lapsed on administration. | House of Fraser: The department store chain is expected to close about 12 stores after being bought out of administration by Mike Ashley. It had agreed a CVA under which 31 stores were to close, but this lapsed on administration. |
| Homebase: The DIY chain is closing at least 42 stores after completing a CVA organised by new owner Hilco. The restructuring expert bought the DIY chain for £1 from Australia's Wesfarmers who botched an attempt to bring its Bunnings chain to the UK. | Homebase: The DIY chain is closing at least 42 stores after completing a CVA organised by new owner Hilco. The restructuring expert bought the DIY chain for £1 from Australia's Wesfarmers who botched an attempt to bring its Bunnings chain to the UK. |
| Poundworld: The discount retailer has closed all its 355 stores, with the loss of 5,100 jobs after falling into administration in June. | Poundworld: The discount retailer has closed all its 355 stores, with the loss of 5,100 jobs after falling into administration in June. |
| Cau: The owner of the Gaucho and Cau steakhouses fell into administration in July leading to the closure of all 22 Cau restaurants, with loss of 750 jobs. The groups lenders have since bought the 16 Gaucho outlets. | Cau: The owner of the Gaucho and Cau steakhouses fell into administration in July leading to the closure of all 22 Cau restaurants, with loss of 750 jobs. The groups lenders have since bought the 16 Gaucho outlets. |
| Mothercare: The chain is closing 60 of its 137 outlets after agreeing a CVA in May. Additional closures in July mean 900 jobs will be lost. | Mothercare: The chain is closing 60 of its 137 outlets after agreeing a CVA in May. Additional closures in July mean 900 jobs will be lost. |
| Carluccio's: The Italian chain secured a CVA to close 30 of its 99 restaurants in late May. | Carluccio's: The Italian chain secured a CVA to close 30 of its 99 restaurants in late May. |
| New Look: The fashion chain obtained a CVA in March to cut rents and close 60 stores, with the loss of nearly 1,000 jobs. The rent cuts – on 363 stores – were between 15% and 55%. | New Look: The fashion chain obtained a CVA in March to cut rents and close 60 stores, with the loss of nearly 1,000 jobs. The rent cuts – on 363 stores – were between 15% and 55%. |
| Carpetright: The retailer obtained a CVA in April to close 92 of its 409 UK stores in September with the loss of about 300 jobs. | Carpetright: The retailer obtained a CVA in April to close 92 of its 409 UK stores in September with the loss of about 300 jobs. |
| Prezzo: In March the Italian-themed restaurant group secured a CVA to close 94 of its 300 restaurants, with the loss of 500 jobs. Rent cuts were agreed on a further 57 locations. | Prezzo: In March the Italian-themed restaurant group secured a CVA to close 94 of its 300 restaurants, with the loss of 500 jobs. Rent cuts were agreed on a further 57 locations. |
| Jamie’s Italian: The chain closed six locations in 2017 and this year agreed a CVA to close about a third of its 35 loss-making outlets. | Jamie’s Italian: The chain closed six locations in 2017 and this year agreed a CVA to close about a third of its 35 loss-making outlets. |
| Byron: The upmarket burger chain is closing up to 20 of its 67 restaurants after a CVA agreed in January. | Byron: The upmarket burger chain is closing up to 20 of its 67 restaurants after a CVA agreed in January. |
| Debenhams: The under-pressure department store chain has said it could close up to 50 of its 165 stores stores and wants to get rid of space at 30 more by bringing in gyms and other services. | Debenhams: The under-pressure department store chain has said it could close up to 50 of its 165 stores stores and wants to get rid of space at 30 more by bringing in gyms and other services. |
| M&S: The high street stalwart wants to close 100 outlets – a third of its main stores by 2022 as part of a 'radical transformation' plan. | M&S: The high street stalwart wants to close 100 outlets – a third of its main stores by 2022 as part of a 'radical transformation' plan. |
| This week, statistics from the Insolvency Service, a government agency, showed the biggest rise in company insolvencies since the depths of the financial crisis. Analysts said the 19.3% year-on-year rise in the third quarter was linked to the struggles on the high street. | This week, statistics from the Insolvency Service, a government agency, showed the biggest rise in company insolvencies since the depths of the financial crisis. Analysts said the 19.3% year-on-year rise in the third quarter was linked to the struggles on the high street. |
| In a stock exchange statement, Crawshaw said: “The company does not have sufficient cash resources to effect the required restructuring of the business.” | In a stock exchange statement, Crawshaw said: “The company does not have sufficient cash resources to effect the required restructuring of the business.” |
| Crawshaw was hoping to roll out more factory outlet stores – larger out-of-town shops, with parking, that sell big packs of fresh meat. They are cheaper to open and fit out, and have performed better than the smaller high street stores, which also sell whole cooked chickens, pies and filled baguettes. | Crawshaw was hoping to roll out more factory outlet stores – larger out-of-town shops, with parking, that sell big packs of fresh meat. They are cheaper to open and fit out, and have performed better than the smaller high street stores, which also sell whole cooked chickens, pies and filled baguettes. |
| Martin Lane, managing editor of money.co.uk, said: “With the rise of competition from budget supermarkets offering cheap meat options it’s hard for butchers to survive.“It is undoubtedly distressing news for employees of Crawshaw and their families especially because their fates are now being kept in limbo. Now is the time to check what redundancy rights you have and dig out any income or mortgage protection policies you hold just in case.” | |
| Half-year results released a month ago showed Crawshaw’s losses before tax widened to £1.7m in the six months to 29 July, from £1.2m, as like-for-like sales slumped 13% and customer numbers dropped 9.1%. In May, the firm appointed a new chief executive, Jim Viggars, and in July it appointed a new finance chief, Nick Taylor, to turn the business around. | Half-year results released a month ago showed Crawshaw’s losses before tax widened to £1.7m in the six months to 29 July, from £1.2m, as like-for-like sales slumped 13% and customer numbers dropped 9.1%. In May, the firm appointed a new chief executive, Jim Viggars, and in July it appointed a new finance chief, Nick Taylor, to turn the business around. |
| The new management team said the group had expanded too quickly, failed to deal with the decline in the high street stores’ performance and mishandled staffing. | The new management team said the group had expanded too quickly, failed to deal with the decline in the high street stores’ performance and mishandled staffing. |
| Shares in the Aim-listed company have been suspended. | Shares in the Aim-listed company have been suspended. |
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