Statement by Damian Walters, BiKBBI CEO:
We understand from breaking news reports that Bathstore have gone into a formal administration today, a legal process which will affect a number of our members and indeed their customers.
Administration is a legal process initiated by the directors of a business when a business becomes insolvent.
This process involves the appointment of a Licensed Insolvency Practitioner (IP), responsible for the immediate financial control of the company. Those Practitioners are global business advisors BDO.
BDO have issued the following documents today:
GENERAL: Notice of administration.
INSTALLERS: Letter to contractors.
CUSTOMERS: Statement to customers.
Our commitment to members:
BiKBBI has written to members today, providing advice, guidance and support.
Clearly this is a developing situation that has a number of potential outcomes for the business, its people, suppliers and its customers. I believe it will be unhelpful to this process if we become involved in speculation at this stage and therefore we will stick to the facts.
I therefore personally commit the following to our members involved:
BiKBBI will act as a conduit for information, liaising with Bathstore and the IP throughout this process on our members behalf;
We will communicate developments to our members as and when they arise;
We will act as a voice for those creditors (members) owed money;
We will work with the team at Bathstore and our other retail partners to introduce our members to other retailers who may wish to engage in their services.
We are on our members side and will do everything to ensure their best interests are represented at every level.
Advice to consumers:
Please read the statement from BDO on behalf of Bathstore HERE.
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