The parent company of value retailer, Store Twenty One, was presented with a winding up petition from HMRC, however, at today’s hearing in the Royal Courts of Justice, it was dismissed.
HMRC presented the petition to wind down, Store Twenty Ones owners, Grabal Alok, on 26 March. However, it was reported that the hearing today saw the petition dismissed. No further details are available as both HMRC and Store Twenty One have declined to comment.
The hearing took place at 10.30am this morning. The reason for the winding up petition is still unclear.
Store Twenty Ones Financial Troubles
It was reported that this is not the first time Store Twenty One has been in trouble. We understand that in its latest figures on Companies House, Grabal Alok reported pre-tax loss of £17.9m in the year to 30 March 2013. Turnover stood at £93.2m, down from £99.4m the year before. The retailer wrote to its landlords last year asking for its rent to be reduced.
The letter is reported to have warned that if Store Twenty One was put into liquidation, landlords would take on the burden of additional bills such as business rates and service charges, without any entitlement to rent. The same month bailiffs were sent in to a number of its branches after the value chain failed to pay rent. At the time, it also stopped trading through its website.
Winding Up Petition Legal Advice
If you have received a winding up petition our legal experts are able to provide legal advice and representation. Our team of solicitors and barristers can obtain a court adjournment, CVA’s or successfully challenge the validity of the winding up petition to ensure that the petition is dismissed.