UK: Haldanes files for administration order
Haldanes has blamed the Co-op for "forcing" it to file an administration order
UK convenience store retailer Haldanes has filed for an administration order, with its CEO blaming larger rival The Co-operative Group for its problems.
Arthur Harris said today (9 June) that the company had decided to seek an administration order for Haldanes Stores and Ruston Retail to "protect our position".
The administration order covers the 23 convenience outlets operated by Haldanes Stores but not operations under the Haldane Retail Group umbrella, which is also owned by Harris but is run as a separate company.
"The directors and I are devastated at having to take this step and our thoughts are with our employees who find themselves facing an uncertain future; we would like to publicly thank them for their efforts and loyalty during their time with Haldanes. We will work closely with the administrator and do our utmost to secure the future of a group of stores in the Haldanes estate," he said.
Haldanes and the Co-op began legal proceedings against each other in early May, with Haldanes alleging "material breaches" by the Co-op. He also claimed that the Co-op had "breached" the undertakings it had given the Office of Fair Trading as part of its acquisition of the Somerfield chain.
The Co-op responded by saying that it had begun proceedings to recover possession of a number of the 26 stores over unpaid rent.
"I am absolutely distraught that it has come to this. We firmly believed that the Co-op would at least sit down with us and hear what we had to say, but they have chosen to either ignore or refuse all of our requests to meet. This has left us with nowhere else to go," said Harris.
"The directors and I would like to assure employees and suppliers of Haldane Retail Group Limited, UGO Stores Limited, Haldanes Express Limited and Bakery Products Limited that these businesses are unaffected by this development and will continue to trade as normal."
"Breakthroughs" was the title of this year's IGD Convention, the annual gathering of the UK grocery trade, a fitting recognition that in the face of wilting consumer confidence and increasingly paraly...
The uncertain economic outlook, fed by the fears over Greece's public finances and pessimism over the growth prospects of markets like the US and the UK, is a key theme of this week's World Retail Con...
UK dairy firm Graham's The Family Dairy's has secured listings with Morrisons and Whole Foods Market....
The use of smart phones to buy groceries could transform the UK's fast-growing online retail sector, an industry conference heard....
PepsiCo's strategic options grabbed the headlines this week, with the company insisting it was not considering plans to split in two and then 48 hours later being linked to a yoghurt venture with Germ...
- 2017: three major drivers of M&A strategy
- Comment: Premier has more to ponder than Brexit
- The food market in 2017 - consumer trends and M&A
- Trump seen as negative for global food trade
- Analysis: B&G Foods balancing growth and decline
- Premier Foods issues profit warning
- Nestle mum on Mead Johnson takeover talk
- Mondelez sells Vegemite to Bega
- Kellogg to slash 250 jobs
- Emmi to buy dessert maker Italian Fresh Foods