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| SHM made to measure for Elvi valuation |
SHM was the perfect fit when instructed by Administrator Cowgill Holloway to provide appraisal and valuation advice at fashion retailer Elvi.
Elvi, a specialist in fashion for size 16-plus women, fell into administration in February for the second time in just over a year. The Redditch-based company had been bought out of administration in 2008 by a private consortium.
SHM, in conjunction with their parent company, Gordon Brothers was brought in to provide a full valuation solution — looking at the stock inventory, offering advice and valuation assistance for the trade-out of the stock and also preparing valuations of all the fixtures and fittings and other assets.
The group operated from approximately 20 stand-alone stores and 50 department stores, including House of Fraser and Debenhams; SHM also provided an appraisal of the leases for all the Elvi retail operations.
SHM's task was to provide a detailed analysis and valuation of every aspect of the company. It was a wide ranging brief which underlines the total asset solution that SHM can bring to these jobs.
SHM worked closely with the administrators collating and analysing vast amounts of stock and sales data.
Jason Elliott, a partner with Cowgill Holloway, and Administrator, said: “The company was bought out of administration last year and the streamlining of the business that should have taken place didn’t.”
“We turned to SHM for the valuation and appraisal because of their known expertise in the sector. They were able to move quickly and reflect the changes in the retail sector — which in recent months has been occurring on an almost daily basis. Despite this testing background SHM were able to cope well with the demands placed on them.”
“Despite our combined efforts the Elvi story has ultimately been a real disappointment as we weren’t able to save it in the form we had hoped. It is a niche business, the largest in its own sector, and we believed it would make a good fit with another larger retail outfit but, sadly, the interest never really materialised.”
Elvi began life as a Dutch wholesaler in the 1940’s. It was bought by Country Casuals in the 1990’s and it was then transformed into a specialist retailer for larger women. |
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