The Bradford-headquartered menswear retailer Greenwoods – which fell into administration last year – is to be dissolved. The notice to move from administration to dissolution for the firm, which had around 200 shops across the country, has now been published in full by Deloitte. Greenwoods will be deemed to be dissolved three months after the publication of the notice.
Back in April of this year, the administrators had already concluded that dissolution would be the best option, noting that there was little chance that an investor would step in and save the historic company.
At the time, due to the state of the company’s finances, the administrators at Deloitte said that secured creditors would not be paid in full. Pacific Trend Investment (PTI), an investment firm based in Hong Kong, was owed £9.8m at the time administrators were called in, with a further £11.8m owed as shareholder capital.
PTI received funds of £150,000 and £100,000 in 2018 and £175,000 is to be made available once all assets are realised – leaving a £9.4m shortfall.
