Budgens supermarket chain goes bust
Sad news to report today. It’s the news that Budgens supermarket, which has long been a staple of the high street, is closing all 34 of its stores.
The supermarket chain has gone into administration and the move means the loss of more than of more than 800 jobs. Here at UKMums.TV, our thoughts are with the staff and their families who are affected by the decision. As the Metro reports, Food Retailer Group, an arm of business restructuring specialists Hilco Capital, appointed PwC as administrator last month but the accountancy firm has failed to find a buyer for the group and a total of 815 staff have begun the redundancy process.
Food Retailer Group bought the stores from the Co-operative Group in July and at the time the firm said there are no planned redundancies’ and stores will continue ‘trading as usual’. Mike Denny, joint administrator at PwC, is quoted as saying: “Unfortunately, we have been unable to find a buyer and it is not commercially viable to continue trading the stores. We are working closely with the Co-op, Usdaw and the relevant government agencies to ensure that all employees receive the maximum levels of practical and financial support through the redundancy process.”