RSM Restructuring saves more than 260 jobs through pre-pack sale of Shuropody

Published by

Sam Pither

RSM Restructuring’s Gareth Harris and Lee Lockwood saved more than 260 people from unemployment by securing a “pre-pack” administration sale of the business and assets of retailer Shuropody.

A “pre-pack” administration protects a company from bankruptcy by selling the assets and business of a company to a pre-designated purchaser, with the proceeds used to repay creditors before they can exercise fixed charges, allowing the company to continue operations.

On 7 December 2022, the specialist show and podiatry retailer entered administration and was sold immediately to a subsidiary of special situations investor Baaj Capital LLP, allowing the firm’s 39 stores (including in Brighton, Oxford and Southampton) to remain open.

The joint administrators were advised by Matthew Brown, Liz Russell and Niall Crossley of Gateley Legal.

Gareth Harris, joint administrator and restructuring partner at RSM, said: ‘Securing this pre-pack sale will ensure customers who have bought treatment plans will have continuity of service and safeguard the jobs of the vast majority of the Shuropody team.

“It is unfortunate that Shuropody has had to go through an administration process, but the legacy of the last couple of Covid years is still proving challenging to navigate for many businesses, including this one.

“Given the current economic climate the high street is seeing many retailers struggle so it is particularly pleasing to help save this business, and ensure employees will be paid as we run into the Christmas period’.

Featured image: Shuropody in Southampton. Credit: Visit Southampton

Sam Pither

Sam is the Regional Editor of Biz News, responsible for both Hampshire and Dorset. A new recruit to journalism, Sam started writing for the Business Magazine as a freelancer in May of 2022 after completing his degree in English at University College London. His passion for local businesses and ability to tell a story soon caught the attention of the publication’s management team and have led to his meteoric rise. Sam, who lives in central Reading, takes a particular interest in technology, gaming and food and drink, having been a chef before starting his degree.