Administrators of a South West-based gaming retailer have succeeded in saving 40 jobs at the company after securing the sale of the business, including 12 out of 15 of its High Street stores.
Business recovery and rescue specialists Begbies Traynor were appointed to handle the administration of Pink Planet Games Exchange Ltd on October 28, during which they were able to save the majority of jobs after immediately selling the business and assets to Phantom Moon Ltd. Neil Vinnicombe and Simon Haskew, of the Bath and Bristol offices of Begbies Traynor, were appointed as joint administrators.
Pink Planet, whose headquarters is in Frome, has stores across the South West region.
Prior to the administration the directors had been attempting to informally restructure the company by trying to reach agreements with store landlords to reduce ongoing costs. Unfortunately, this was not possible and they took the difficult decision to close three non profitable stores.
Mr Vinnicombe said: “Whilst it’s unfortunate that a small number of employees have been made redundant, we have had to prioritise securing the immediate future of the business.
“This approach to rescuing the business means that not only have we been able to protect almost all the workforce, but we have also been able to provide continuity to the company’s customers. Also crucially, the sale should help maximise any potential return to the company’s creditors.”
Neil joined Begbies Traynor in 2003. He successfully sat the JIEB exams in 2005 and is a Licensed Insolvency Practitioner. He has 29 years' insolvency experience having previously worked at KPMG, Ernst & Young and Grant Thorton in Bristol.
He has a broad range of experience in Corporate Recovery and Rescue and works from the Bristol and Bath offices.