2000 jobs at risk as Select preps for administration

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Select CVA
// Select expected to collapse into administration tomorrow morning
// Advisory firm Quantuma has been appointed to manage the administration
// Select took out a CVA last April which helped cut rent costs by up to 75%
// Cafer Mahiroğlu bought first Select out of administration in 2008

Select is due to go into administration on Thursday morning, with advisory firm Quantuma appointed to handle the insolvency process.

The fashion retailer is expected to collapse before taking out a second CVA in the next two weeks.

Select had taken out a CVA last April, which resulted in it being able to cut rent costs by up to 75 per cent and save almost 2000 jobs.

“The company will announce on Thursday that it will be going into administration,” Quantuma partner Andrew Andronikou said.

“Then in another two or three weeks it will announce proposals to creditors for another CVA. There are no plans to close any stores or make redundancies.”

The news follows Select’s decision to file a notice of intention to call upon administrators at the High Court last month.

Current owner of the fashion chain, Cafer Mahiroğlu bought Select out of administration in 2008.

The company has also reported a loss of £15.5 million in the 18 months to December 2.

Select currently employs around 2000 staff members and has around 170 stores.

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