On 9 April 2019, Pintze plc (‘the Company’) entered Administration, and Chad Griffin, Simon Kirkhope Johnson of TTI Consulting LLP were appointed as Joint Administrators (‘the Joint Administrators’).
For the avoidance of doubt only the Company (which was the Group’s top holding company) is in administration – the Group’s operating companies, including Pintze Retail Ltd and Magasin Du Nord, continue to trade as normal. The Group’s commercial relationships with suppliers, employees, pension and customers are all with the operating companies. Therefore the Group’s commercial stakeholders are not adversely impacted by the Company’s administration.
Immediately following their appointment, the Joint Administrators sold the Company’s shares in the Group, to Celine Newco I Limited, an entity owned by certain of the Company’s secured lenders (“the Transaction”).
The Transaction delivers continuity for all Group operations. It minimises business disruption, ensures continuity for the businesses and their suppliers and protects the Group’s employees. It also allows additional funding of up to £99k to be provided.