As a consequence, the Directors have appointed partners at KPMG as administrators to the Company and its various subsidiaries.
The Chairman Luke Johnson has personally extended an unsecured, interest-free loan of £3.0 million to help ensure that the January wages are paid to all staff working in the ongoing business (“the Loan”). This Loan will also assist the administrators in trading as many profitable stores as possible while a sale process is undertaken.
As a Director, and due to the size of his holding, the entering into the Loan by Luke Johnson will be deemed to be a transaction with a related party under Rule 13 of the AIM Rules. The independent Directors consider, having consulted with Canaccord Genuity, acting in its capacity as the Company's Nominated Adviser, that the terms of the Loan are fair and reasonable insofar as the Company's shareholders are concerned.