digital globe

Our Case Studies

A proven track record is the best way to demonstrate our strength and depth of expertise. Below are examples of our team’s recent appointments.

Retail and Distribution

Tall Girl Shop

Tall Girl Shop operated a specialty retail clothing chain serving the needs of tall women with 14 stores in Canada and 17 stores in the US.

Tall Girl had identified a strategic purchaser from the UK that was interested in acquiring its assets as a means of expanding into North America.

Farber acted as Proposal Trustee and ran a Court-authorized sales process, which resulted in a favourable deal being struck with the UK-based purchaser for the Canadian operations, IP, and online assets. Key retail /our-firms were maintained and others disclaimed. Jobs were preserved for approximately 100 Canadian employees.

Farber maximized the value of US assets by way of a Court-authorized liquidation of the US inventory and fixtures, which necessitated recognition of the Canadian proceedings under Chapter 15 of the US Bankruptcy Code.

Retail and Distribution

Tabi International

Tabi operated a retail clothing store chain with 107 leased /our-firms in malls in all Canadian provinces, except Québec, selling women’s clothing and related accessories. Tabi employed approximately 1,300 employees.

In January 2010, Farber acted as Trustee under a BIA Proposal. This resulted in the company restructuring its balance sheet. About one year later, despite the efforts of its Chief Restructuring Officer, Tabi continued to underperform. The private secured lender/equity withdrew their financial support to the company, necessitating a second, urgent filing under the BIA.

The ensuing liquidation of inventory, fixtures and IP assets at the remaining 70 retail /our-firms maximized recoveries to the secured lenders.

Retail and Distribution

Mostyn's

Administration of Mostyn's, a curtain and soft furnishing retailer that has been trading since 1950 and has an annual turnover of £7m. The company employed 128 staff at its 35 retail outlets and 59 at its head office and manufacturing operation.

Despite a good reputation and solid underlying business and sales, difficult trading conditions together with the costs of dealing with certain historical problems, including onerous property leases, has resulted in the company being put into Administration.

Our team managed to sell the company, preserving the business as a going concern and safeguarding the majority of jobs.

Retail and Distribution

Shakeaway Limited

Administration and pre-pack sale of Shakeaway, a national milk shake bar chain with 55 owned and franchised stores across the UK and overseas.

This is a £4.6 million turnover business that faced a number of challenges dues to the economic downturn, decline in the retail market and lack of available equity investment.

This resulted in the business being restructured via an immediate sale out of Administration to lose loss making outlets.

Mining and Metals

Exploration Due Diligence

The exploration arm of an international operator entered into a joint venture with their local partners in sub- Saharan Africa. Our Partners undertook an enhanced due diligence on the local companies, their directors and their overall business profiles. This work, whilst satisfying the Foreign Corrupt Practices Act and similar regulatory and compliance demands, provided assurance to institutional lenders and political risk insurers in advance of a major long-term capital project.

Mining and Metals

Product Vulnerability Assessment

Following reports of product loss from a mine, ourPartners conducted a product vulnerability assessment and identified a significant number of liabilities in the recovery, storage and transportation of product. The assessment highlighted key weaknesses in the security resource, systems, policies and procedures.

The company had reportedly suffered loss from internal and external criminal elements and, under the existing operating infrastructure, it was felt unlikely that further losses could be prevented.

A Security Support team was deployed for a period of six months to stabilise the security operation whilst an agreed improvement strategy was developed and implemented.

During this period, we assumed overall management of the security operation whilst vulnerabilities were addressed and a platform for effective security operations was put in place.

Following implementation of the new security strategy, the client has reported a significant improvement in the recovery of product.

Mining and Metals

Security Planning

Following the decision of a South African government to contract out the management of a state owned mine, officials identified an urgent need to address reported large-scale theft of product and a requirement to develop controls to assure government royalties through increased transparency of recovery and reporting processes.

We were engaged to develop and implement a security programme to reduce the large-scale organised theft of product. Applying a proven mine security concept was instrumental in identifying numerous risks to the mining operation. Structured control mechanisms reduced the level of criminal activity and provided accountability throughout the recovery process.

This improvement programme addressed the fundamental risks that threatened the longevity of the mining operation

Retail and Distribution

President Stores CC

President Stores had traded for over fifty years as a high-end ladies fashion retailer, but as a result of reduced sales, poor credit and declining profit margins, they experienced financial difficulties and commenced with Business Rescue proceedings.

Unprofitable stores were closed, and various stores were sold, as well as initiating and intensive debt collection process.

The outcome was that secured creditors were paid in full, and a successful business rescue was achieved.

Matuson & Associates received the Turnaround Management Association of South Africa runner up award in the small to medium Business Rescue category in 2014 for this successful Business Rescue.

Retail and Distribution

Look & Listen Group (Pty) Ltd

This retail entertainment company was placed in Business Rescue, primarily due to a depressed economic climate, specifically within discretionary retail product categories such as music, gaming and movies.

As a result of the majority of the 25 stores no longer trading profitably, leases were cancelled or renegotiated and the head office was relocated, thereby decreasing monthly fixed costs.  Retrenchment of staff and where possible voluntary retrenchment agreements were entered into with full severance being paid, and inventory was consolidated.

To make the Plan attractive to ensure its successful adoption and implementation, a cash contribution was secured from the shareholder.

This successful restructuring allowed the company to continue to exist on a solvent basis. Creditors received a higher dividend than they would have received in the event of liquidation and approximately 240 jobs were saved.

Retail and Distribution

B & J Meltz

The company, a national discount chain selling a wide range of merchandise experienced losses as a result of a combination of factors including increased distribution costs, margins steadily declining, the recession and downturn in the global economy and increased competition. 

Matuson & Associates were able to secure post commencement funding (PCF) to continue trading, and maintained continuity of stock from suppliers.

The business was successfully sold with value being realized for creditors in excess of what would have been achieved in a liquidation.

Matuson & Associates received the Turnaround Management Association of South Africa runner up award in the medium to large Business Rescue category in 2014 for this successful Business Rescue.


208x27816business
Begbies Traynor Group
Date:
21/02/2024
Author:Begbies Traynor Group

A-Z of Offshore Insolvency, B is for Bonds

A serialised guide to some concepts and features encountered in the world of offshore insolvency.
Bonds are essentially IOUs issued by companies or governments to raise capital: investors buy bonds from the issuer company, becoming creditors who then receive periodic interest payments.

Aviation
Begbies Traynor Group
Date:
08/02/2024
Author:Begbies Traynor Group

Recovering air travel demand masks deep aviation capacity problems and supply chain bottlenecks

Global air travel demand has recovered to within 1% of pre-pandemic levels in the year to November 2023, underscoring consumer resilience despite higher ticket prices and tighter economic conditions.

Begbies Traynor Group
Date:
02/02/2024
Author:Begbies Traynor Group

A-Z of Offshore Insolvency, A is for Agents

A serialised guide to some concepts and features encountered in the world of offshore insolvency.
Agents, and, more specifically, Registered Agents are the topic of the first article in this series.

Begbies Traynor Group
Date:
23/01/2024
Author:Begbies Traynor Group

Sports following the money will change the game in years ahead

The global sports industry faces a diverse set of challenges over the remainder of this decade. Football follows the money, and as the game finds new deep pockets among the Middle Eastern Gulf states and United States, the structure of the game will continue to evolve.