PwC preserves 1,900 jobs through sale of Adams Childrenswear

Published at 10:13 AM on 14 February 2009

Administrators from PricewaterhouseCoopers LLP are pleased to announce the sale of the business and assets of Adams Childrenswear Limited to JS Childrenswear Limited a newly formed company backed by John Shannon. The sale preserves 1,900 jobs throughout the UK and Ireland in over 120 retail outlets and means the Adams brand will continue on the high street.

Since their appointment to Adams Childrenswear on 31 December 2008, the administrators from PricewaterhouseCoopers have been trading the company as normal whilst seeking a buyer.

Rob Hunt, joint administrator and partner at PricewaterhouseCoopers LLP said:

"We are delighted to be able to secure this business sale and provide some much needed stability for customers, suppliers and employees alike in these uncertain times. The support of these stakeholders has been crucial over the last month or so and I would like to thank them for their support throughout this difficult period.

"The new company will continue to trade under the Adams name, meaning this brand will not be one of the retail names disappearing from the high street in the current recession. The sale was one of a number of expressions of interest and represented the best deal for all stakeholders. This transaction also demonstrates that with the right business model, retailers can be rescued from administration in the current economic climate."

ENDS


Notes to Editors:

1. Rob Hunt, Stuart Maddison and Mike Jervis of PricewaterhouseCoopers LLP were appointed as joint administrators to Adams Childrenswear Limited (‘the company’) on 31 December 2008. 2. Operating from its base in Nuneaton, Adams is the largest independent childrenswear retailer in the UK with an annual turnover of £150m. It operates from own brand stores and concessions throughout the UK trading under Adams Kids. Additionally, the company supplies a number of overseas franchises. 


For more information contact:

Stephanie Howel
Advisory PR Manager, PwC 
Tel:020 7213 2421 
Mobile:07734 456 098 
 

Rob Hunt
Tel:0121 265 5660 
 

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