As recently as May, having won approval for a CVA last year, Mothercare chief executive Mark Newton-Jones was bullish about the retailer’s turnaround prospects.
He said as he unveiled full-year results: “We have achieved a huge amount this year, refinancing, restructuring and reorganising Mothercare to ensure a sustainable future for the business. The majority of that work is now done.”
“What a difference a year makes,” enthused chair Clive Whiley. He said: “We remain determined to differentiate Mothercare as a textbook recovery case, in parallel demonstrating that boards can and should foster a greater alignment between their debt and equity providers.”
Up to a point, Lord Copper.
It now looks, sadly, as if they were wearing rose-tinted glasses. Mothercare’s UK business is now expected to be put into administration with the potential loss of 2,500 jobs.
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