Myles Halley and Richard Philpott of accountancy firm KPMG LLP have been appointed Joint Administrators of the photographic studio chain Olan Mills Ltd.
The Wellingborough-based firm employs around 950 people across the UK. These are spread mainly across 97 retail outlets, 37 of which are concessions in other stores. The business has made significant losses over recent years and despite several refinancings and management changes, a turnaround in fortunes was not possible.
Administrator Richard Philpott said: “Management have been working hard to secure a sale of the business over recent weeks but despite their best efforts a satisfactory deal could not be concluded. Consequently, they had no other option but to request the immediate appointment of administrators and, given that the sale options have been explored, regrettably we have to cease operations and make the majority of staff redundant. Unfortunately the company is not in a position to honour existing appointments and I hope to be in a position to be able to provide additional information via the company website www.olanmills.co.uk shortly.”
The administrators have established a helpline to deal with customers’ enquiries: 08457 585 351.
-ENDS-
Further information:
Richard Griffiths, PR & Communications Manager, KPMG Corporate Communications
Tel: 0207 694 2594 Mobile: 07768 020437
Email: richard.griffiths@kpmg.co.uk
KPMG Press Office: 0207 694 8773
