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Paul Simon plunges into administration putting dozens of Kent jobs at risk

03 April 2014
by Chris Price

Home furnishing retailer Paul Simon has gone into administration, threatening dozens of jobs across Kent. 

Deloitte has been appointed to oversee the management of the process and will continue to trade while they seek a buyer for all or parts of the business as a going concern.
 
The company has seven stores in Kent - employing 63 people - primarily in out-of-town retail parks. 
 
Paul Simon is going into administration

Paul Simon is going into administration

 
The move has been blamed on "uncertain economic environment" and its core business being undermined by online retailers.
 
It means 11 jobs are under threat at its store in Ashford, nine in Aylesford, eight in Gillingham, six in Margate, 13 in Orpington, six in Sittingbourne and 10 in Strood.
 
Deloitte partner Lee Manning said: "We are working closely with key stakeholders, customers and employees to ensure the business has the best possible platform to secure a sale, preserve jobs and generate as much value as possible for all creditors.
 
"Like many other retailers, Paul Simon has been hit hard by the uncertain economic environment. In addition, its core business has been undermined by the increasing importance of online sales causing an erosion of margins.
 

Jobs at risk at Paul Simon across Kent

 
He added: "This was compounded by the impact of the recent widespread flooding which restricted many customers' access to several stores.  
 
"These issues made an element of the store portfolio unprofitable and led to a projected imminent cash flow deficiency resulting in the Administration appointment."
 
The company has 51 stores across the UK, employing 550 people.


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