Overview
- News reports on Friday said no offers have been made to buy the business as a going concern and that administrators expect decisions by mid-May.
- The chain’s operating companies entered administration in February under Interpath, which is keeping 40 UK stores and seven Irish concessions open during a monitored trading period.
- Administrators’ filings show more than £40 million owed across the group, with Orion carrying £15.4 million to connected parties and £6.1 million to trade creditors, and Zesta Ventures listed as a secured creditor owed about £6 million.
- The March 16 administrators’ report details Tarak International with £11.1 million in debtors and £1.4 million in stock set against £9.5 million owed to connected parties and £3.7 million to trade creditors.
- About 565 remaining staff face uncertainty after 109 head office and distribution roles were cut at the time of appointment.