PEP investee goes into receivership
Private Equity Partners controlled REDgroup Retail, which owns bookstore chains Borders and Angus & Robertson has collapsed and been handed over to administrator Ferrier Hodgson.
The Melbourne-based company is a leader in the retail sale of books, stationery and entertainment in Australia, New Zealand and Singapore, operating 169 of Angus & Robertson’s stores, 61 of which are franchised; and 26 Borders stores located mostly in Victoria. The company has over 125 years trading will continue remain as normal. Australian buyout firm PEP took control of A&R Whitcoulls Group from UK retailer WH Smith in May 2004, later re-branded as REDgroup Retail in 2008. Under PEP’s management, the company has attempted to restructure its business by divesting non-core assets.
Last summer AVCJ reported that the group was set to breach two of its three banking covenants due to its inability to pay back lenders the A$175 million ($158 million) in debt it owed. REDgroup has suffered in the post-GFC world, with retail sales down across Australia and New Zealand.
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