Scottish location not spared as KPMG oversees sale of Steamer Trading stores
Steamer Trading, the speciality kitchenware retailer with 38 stores across the UK, has been sold to trade kitchenware retailer ProCook in a deal that does not include the business’ only Scottish outlet.
As part of the sales process, Steve Absolom and Will Wright of KPMG were appointed joint administrators of Steamer Trading Limited yesterday.
Following their appointment, the joint administrators completed an agreement to sell 27 Steamer Trading stores and the majority of the business and assets to ProCook.
A further store – trading under the Divertimenti brand in Knightsbridge, London – has been acquired by Divertimenti Limited.
Both deals see 332 jobs being secured.
There were 10 underperforming stores which are not part of the sale, including the firm’s Glasgow store, and will close immediately.
The closures result in 79 job losses.
Nick Holloway, director at KPMG UK, who led the sale, said: “We are delighted that we have been able to rescue such a long established business including a high proportion of stores and preserve a large number of jobs, especially given the current economic pressures faced by retailers across the UK. The trade sale compliments the existing ProCook business and further increases their high street presence.”
Steve Absolom, restructuring partner at KPMG in the UK and Joint Administrator, said: “Whilst it is always pleasing to preserve a significant number of jobs, sadly a number of redundancies are to be made at the 10 closed stores. Over the coming days, our priority is to ensure all employees who have been affected by redundancy receive the information and guidance they need in order to claim monies owed from the Redundancy Payments Office.”