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4:30 pm, February 5, 2010
Ethel Austin on brink of administration
By Simon Binns
Value retailer Ethel Austin Ltd has filed an intention to appoint administrators, with Manchester-based corporate recovery firm MCR expected to be named early next week.
The business was bought out of administration in May 2008 by former MK One chief executive Elaine McPherson, who had bought the firm's debt prior to administration and then agreed a pre-packaged deal with MCR, which was also appointed on that occasion.
The 300-store chain issued the notice on both Ethel Austin and homewares businesses Au Naturale - the latter of which McPherson also bought out of administration in 2008.
A winding-up notice was filed in the courts on Monday by construction company, Aurelia Properties. Ethel Austin is understood to have been struggling to pay suppliers since before Christmas. The business currently has no banking facility and has been reliant on £5.5m of funding from McPherson.
MCR declined to comment.
Comments?sbinns@crain.com
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