Buyers line up for TJ Hughes

THE administrators of Liverpool-based discount retailer TJ Hughes have said that they have had approaches from more than 30 firms interested in buying its stores.

Joint administrators Simon Allport and Tom Jack from Ernst & Young have also said that they are continuing to seek a sale of the business as a going concern, but they have also appointed GA Europe as consultants to help them shift the firm’s remaining stock.

Mr Jack said the administrators had been “encouraged by the strong level of interest in the business and its portfolio of 57 stores”.

“However, there are significant stock levels and we therefore must ensure we are also pursuing a strategy to trade this stock through the business, in case we cannot find buyers for all of the Company’s stores and employees.  

“Promotional activity will therefore commence immediately in all TJ Hughes stores.”

TJ Hughes operates from 57 stores and employs more than 4,000 staff. The company was owned by US private equity firm Silverfleet Capital until a sale to turnaround fund Endless in March this year.

However, Leeds-based Endless was unable to turnaround the company’s fortunes and as trading conditions worsened TJ Hughes was placed into administration last week.