News Centre

Simon Thomas and Robert Pick of Moorfields Corporate Recovery LLP have been appointed Joint Administrators over Rowswells & Lees Limited, a wholesale butchers operating in Essex. Rosewells & Lees Limited specialised in the supply of wholesale fresh and frozen meat products to the leisure industry. The well established company had traded for over 20 years supplying high quality produce sourced from Smithfield market, to a number of well known restaurants and hotels around the South East. In 2011 the company started to experience financial difficulty after it suffered from the loss of a major contract which accounted for 50% of its turnover. Moorfields were instructed by the secured lender to assist the management team with the distressed trading period, financial due diligence and an exit strategy. Following a period of marketing, a pre-pack sale of the business was achieved protecting the trade and employees. Simon Thomas, Moorfields Partner said “Our early involvement meant we were able to guide the management team through a distressed situation allowing us to reduce operations, protect the creditors’ interests and devise the most appropriate exit strategy. Had we not been involved at an early stage it is likely trade would have ceased and the goodwill value of the business would have been lost. Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists.

Unforgiving trading conditions on the UK high street have taken their toll on yet another old-established national retail chain. Stores forming part of the ‘HPJ’ and ‘Jewel Nation’ chains are affected after leading discount jewellers Gemstone Retail Limited and Gemstone Operations Limited were placed into Administration on 8 December 2011. Simon Thomas and Robert Pick, of Moorfields Corporate Recovery LLP, have been appointed as Joint Administrators. “It is regrettable to see familiar retail names fall victim to the current conditions”, said Joint Administrator Simon Thomas of Moorfields. “It appears every responsible step was taken to rationalise the business and protect jobs, but Moorfields’ priority now is to protect the interests of creditors by trading the business in Administration to realise its assets.” The stores will trade in this way throughout the Christmas period, allowing the value of the gift-oriented stock to be maximised. Turnover 10% below budget scuppers rescue plan 78 HPJ and Jewel Nation stores were purchased in February this year from previous Administrator KPMG by retail turnaround specialist Gordon Brothers Europe. Despite a restructure that included store closures, stock clearance sales and other cost saving measures and significant operational improvements, the businesses continued to experience financial difficulty with turnover 10% below budget. A Notice of Intention to Appoint an Administrator was filed on 17 November 2011, and a campaign set in motion to try to sell the business and assets as a going concern. Indicative offers were received for the business but final offers failed to promise creditors a better return than realisation of the assets, leading to the 8 December announcement. Moorfields still keen to find buyer “We are continuing to explore the possibility of a sale of the business and assets,” said Robert Pick of Moorfields. “The business may yet prove an opportunity for the right buyer.” Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. Interest in the assets of Gemstone Retail Limited and Gemstone Operations Limited, t/a HPJ and Jewel Nation, should be directed in the first instance to Suzanne Westney at swestney@moorfieldscr.com or 0207 186 1143. For further enquiries regarding the content of this release please call Katie Smith on Tel: 0207 186 1143 or email ksmith@moorfieldscr.com

Simon Thomas and Robert Pick of Moorfields Corporate Recovery LLP have been appointed Joint Administrators over a large property portfolio in the South East consisting of over 25 sites and more than 100 units. The substantial portfolio spread across South East London was developed by a large Group of Property Developers in the South East; The Black Ant Company Limited, TBAC Bleinheim Gardens Limited, Billsop Properties Limited and TBAC Investments Limited. The Group specialised in the purchase of land with an opportunity to add value through acquiring planning consents, this strategy was later expanded to include building out the acquired sites. The portfolio was very highly geared and had secured debt of c. £45m from 5 lenders. The group was unable to service the debt and was insolvent on both balance sheet and cashflow bases. Following the appointment of Moorfields Corporate Recovery we have dealt with numerous issues including securing and insuring the sites, taking control of the rental income, dealing with maintenance and health and safety issues with over 100 residential and commercial tenants to consider. Despite these issues we have now managed to stabilise the cashflow through control of the rental income and maximising this by letting vacant units. This has enabled us to concentrate on achieving sales and maximising the repayment of the principal lenders’ original investment. Any interested parties should contact Moorfields Corporate Recovery LLP on 0207 186 1144 for further details. Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists.

Simon Thomas and Robert Pick of Moorfields Corporate Recovery LLP have been appointed Joint Administrators over the well known TNT magazine aimed at people travelling to the UK. The magazine specialises in producing a free monthly publication and events schedule for Australian, New Zealand and South African nationals living, working and travelling in the UK. The business also recently established a similar operation in Australia aimed at British travellers. The magazine had been struggling for several years as a result of reduced marketing expenditure and job advertisements and in 2010, the principal shareholder completed a substantial debt for equity swap. Following an extensive marketing campaign, the Administrators completed a pre pack sale, securing the continued employment of staff and allowing continued trade of the well regarded magazine. Robert Pick, Partner, “Over the past 10 years there has been a huge increase in the number of free magazines/newspapers and increasingly in 2009- 2011 the number of digital magazines/newspapers. The economic downturn has and will continue to place huge amount of pressure on this already competitive industry as many companies reduce their marketing expenditure whilst the power of online social networking sites mean many marketers are looking at alternative advertising methods” Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists.

Simon Thomas and Robert Pick of Moorfields Corporate Recovery LLP have been appointed Joint Administrators over two Leeds based businesses Met Surveys Limited and Met Consulting Engineers Limited. Met Surveys Limited and Met Consulting Engineers Limited provided land/building surveys and engineering consultancy including design, environmental reports and geotechnical investigations to clients in both the public and private sectors. In 2009 the businesses faced a downturn in trade as a result of the construction industry being hit hard by the economic climate. In a pre pack deal, the Administrators, advised by Cobbetts LLP, sold the assets of both companies to Southgate House Limited, allowing continued trade for customers and securing the employment of the staff of Met Surveys Ltd and Met Consulting Engineers Ltd. The new companies and staff will operate alongside Met Geo Environmental Ltd from existing premises at Southgate House under the direction of Neil Harvey, Chris Jones, Ian Lang and Andy King. Dianne Turner, Director, Moorfields Corporate Recovery LLP “The construction industry has been hit particularly hard by the recession. We are very pleased to have completed a sale of both companies’ business and assets thereby safeguarding employment in the area, at this time of increasing unemployment”. Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists.