December 20, 2005

Unwins Closes.

By Andrew Barrow In Articles
The BBC reports on Unwins – the staff are now redundant and all 350 stores have closed.
“Some 1,400 workers for beleaguered off-licence chain Unwins have been made redundant and all 350 of its stores closed, administrators have said.
Accountants KPMG were called in as administrators at 1700 GMT on Monday by Unwins’ main creditor, HBOS. Unwins bosses had tried to sell several stores recently but were unsuccessful. Now the firm which bought Unwins earlier this year is starting legal action against the former owners because of “gross accounting” errors. Owner DM Private Equity is claiming it was told the chain was worth more than it really was.”

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